The Norman Transcript

Opinion

December 10, 2012

Don’t delay fiscal cliff

NORMAN — There are two obvious possibilities regarding Washington’s struggle with the fiscal cliff.

First, Republicans and Democrats could engage in tough negotiations that reach a compromise to spread some very real pain.

Second, efforts to negotiate a fiscal deal between the two parties collapse, resulting in harsh budget cuts and tax increases across the board. Many economists say the impact of this drastic move would force the nation’s economy back into recession.

Neither of these options is the sort of thing a politician typically wants to be associated with. That’s why we’re worried about a third alternative, one that could look increasingly attractive to the nation’s lawmakers as they near that fiscal cliff.

We refer to a temporary extension of existing taxation and spending figures. It’s a variation of what got America into this position in the first place.

The fiscal cliff that everyone’s talking about is the penalty placed on the nation after last year’s budget negotiations failed. Congress and President Obama agreed to create the cliff. The intent was to present an alternative so ugly and unpopular that politicians would be forced to compromise.

Unfortunately, that idea didn’t work very well. Amid election-year posturing, the two parties failed to resolve their differences. And now the nation is dealing with the cliff.

We hear lots of accusations and see lots of finger pointing from Washington as Republicans and Democrats argue the other side is taking an extreme position and unwilling to budge. Some of this undoubtedly is the sort of maneuvering the parties typically engage in ahead of any negotiated agreement.

In fact, plenty of political observers believe what’s happening now is merely for show. Ultimately, a deal will be struck to avoid the fiscal cliff.

We want to see Washington reach that deal — assuming it’s one that offers real restructuring in terms of spending cuts and tax reform. The way we see it, neither of the plans being pushed by Republicans and Democrats is sufficient on its own.

Text Only | Photo Reprints
Opinion
  • Top honors for NPS

    Top honors keep rolling in for both of Norman’s high schools. The district learned this past week that Norman High School and Norman North High School have been recognized as two of the most rigorous high schools in the country and in the ...

    April 16, 2014

  • Wind power bursting

    There are a few wind generators dotting the Norman skyline, but western and northwestern Oklahoma makes up for the deficit here. An industry group this week said Oklahoma ranks fourth nationally in the amount of wind-generated ...

    April 16, 2014

  • First, do no harm — to your bank account

    After being sued by the Wall Street Journal, the government finally released its Medicare reimbursement data last week. It included the less-than-stunning revelation that 28 of the 100 doctors who received the largest payments in 2012 were ...

    April 15, 2014

  • Reading between the lines

    Reading is such an improbable idea — a miracle, really. Yet simple squiggles on a page, arranged just so, can convey ideas that change the way we think or introduce to us characters we love for a lifetime. In celebration of reading — and ...

    April 15, 2014

  • CCFI tackling area’s child abuse problem

    Editor, The Transcript: To those of you who are reading this editorial, I assume you care or at least are entertained by the opinions of others. It is my hope and desire that when you read this editorial, you will care about the facts. ...

    April 12, 2014

  • Protect your home from wildfires

    To most people, fuel is what you put into your gas tank. To firefighters, it means something altogether different. To people who make a living putting out fires, fuel is that material that feeds wildfires — and there is an abundance of it ...

    April 12, 2014

  • League of Women Voters meeting

    Editor, The Transcript: On Saturday, May 10, the Norman League of Women Voters will hold its annual meeting at the Memorial Presbyterian Church, 601 24th Ave. SW, Norman, OK, from 11:30 am to 1:30 pm....

    April 12, 2014

  • Does Oklahoma need advice from Texas?

    Does Texas have a lock on “brilliant minds”? The names of Texans like Congressman Louie Gomert, Sen. Ted Cruz and that other guy ... I can’t think of his name ... oh yeah, Rick Perry come to mind very quickly. Add to that infamous list ...

    April 12, 2014

  • Why Comcast-Time Warner deal makes sense

    Say this about the deal announced Thursday for Comcast to buy Time Warner Cable: It’s big. Big price tag of $45 billion. Big combined subscriber base of 30 million households. And big risk of a veto from government antitrust regulators....

    April 12, 2014

  • Solid evidence within ice record

    In his November 10 Letter, Gary Reynolds misstated information in the October 27 op-ed by Catherine Hobbs, “New report says global warming is “unequivocal.” Mr. Reynolds incorrectly stated that Dr. Hobbs cited evidence from the 2007 UN ...

    April 12, 2014