The dreaded 'fiscal cliff' can work – if lawmakers strive to achieve the same amount of deficit reduction over a 10-year budget window as is implied by the current-law baseline except with economically smarter, better-timed spending cuts and revenue increases.
During the arithmetical dodge ball that constituted much of the first debate, Mitt Romney said the US deficit 'doubled' under Obama. In fact, it has declined, though it is still more than $1 trillion.
The presidential debate showed almost nothing new about how either Romney or Obama would govern over the next four years, Gleckman writes.
Obama insisted during the first presidential debate that Romney would cut taxes by $5 trillion over 10 years. Here's where that figure comes from – and why Romney rejects it.
Fisker wants to share technology and sell shares, the latest sign that the economics of plug-in cars are making it difficult for automakers to turn a profit.
Americans could face an average tax hike of almost $3,500 in 2013 if Congress goes over the fiscal cliff, Gleckman writes. The looming fiscal cliff poses a major threat for the US economy.