Failure to Yield

Floor Speech

Mrs. MALONEY. Mr. Speaker, according to a report by the National Economic Council, if the economy goes over the fiscal cliff, it could cut consumer spending by over $200 billion. In other words, if we come to a consensus with a financial plan and agree, it could be a $200 billion stimulus to our economy. Having a plan in place would also give certainty to businesses and our markets, adding an additional stimulus.

Failing to take action could slow the growth of our real GDP by 1.4 percentage points in 2013, and allowing the middle class tax cuts to expire would increase Federal taxes on a typical middle class family of four by $2,200 in 1 year. Continued gridlock would throw the U.S. back into a recession and would cause the jobless rate to go up. Congress would be stuffing a big piece of coal into the stockings of Americans by not coming together and getting a consensus plan.

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