Our National Journal Daily colleagues today explain how messy a temporary fix to the so-called fiscal cliff could be.
The bet lawmakers could make is that a temporary extension of the Bush-era tax cuts and stalling federal spending cuts by three or six months could reassure the economy.
Here's the Daily:
But a temporary fix presents numerous logistical hurdles, particularly for the various tax provisions that are part of the cliff. Those include the expiring Bush-era income-tax rates, the payroll-tax cut, and the alternative minimum tax patch, plus a number of business tax breaks, or “extenders.”
If Congress enacts a short-term measure on these tax provisions, Treasury would face a tough decision on tax-withholding tables. It could direct the Internal Revenue Service to delay changes in those tables in anticipation of an eventual longer-term deal.
Subscribers can read more here.
Don't Miss Today's Top Stories
Rick, Executive Director for Policy
Concise coverage of everything I wish I had hours to read about."
Chuck, Graduate Student
The day's action in one quick read."
Stacy, Director of Communications
I find them informative and appreciate the daily news updates and enjoy the humor as well."
Richard, VP of Government Affairs
Chock full of usable information on today's issues. "
Michael, Executive Director