Gone are the days when former President Dwight D. Eisenhower launched bold government programs to cover a country 27 times the size of Germany with a network of interstate highways. Gone are the years when former President Lyndon B. Johnson declared war on poverty and enacted federal laws declaring that there could be no second- or third-class citizens, regardless of skin colour. And gone is the spirit of renewal after former President John F. Kennedy's visionary promise to send Americans to the moon within a decade, a program that would cost taxpayers billions.
That's when an ultimatum expires that is known as the “fiscal cliff,” which Democrats and Republicans set for themselves, after the dramatic failure of their budget negotiations in the summer of 2011, so as not to drive the world's largest government budget against a wall. If both sides can't agree to a joint solution, budget cuts and tax increases will automatically take effect on December 31 that will massively reduce the deficit by $900 billion.
President Obama has announced that he will veto any proposal that doesn't include higher taxes for the rich. Now the United States alone, one government alone owes that much money to the world! And of course the rest of the world, they owe their governments too, because they're all operating on deficit spending!