Our Economic Times: Fiscal Cliff Threatens Global Growth

This column was published in Savannah Morning News.

If no congressional action is taken, the U.S. could witness an unprecedented combination of spending cuts and tax increases to take effect beginning in 2013, which could have devastating impacts on domestic and global economic growth prospects. The looming “fiscal cliff,” part of the Budget Control Act of 2011, involves $607 billion in the expiration of government expenditures and tax provisions, roughly 4 percent of gross domestic product...