NEW YORK ( TheStreet) -- To avert the fiscal cliff, President Obama may get Republican cooperation in soaking the rich, but the deal that emerges could put the nation in dire straits by the end of the decade.The Budget Act of 2011 requires the president and Congress to cut federal deficits by $1.2 trillion over nine years, or annual defense and non-entitlement outlays automatically will be reduced $107 billion annually on January 1. Also, the Bush tax cuts, payroll tax reductions and other assorted programs expire.
Soaking the Rich Won't Solve Much
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