Read the following "Times Topics" Summary from the New York Times about the 2013 federal budget process.
http://topics.nytimes.com/top/reference/timestopics/subjects/f/federal_budget_us/index.html
You can stop once you get to the timeline.
Write a 3 paragraph summary and answer the following questions.
1. Who are the key players in a fight between Democrats and Republicans over the federal budget?
2. What exactly was the "Fiscal Cliff"?
3. Why was the problem just delayed instead of resolved?
4. Why would the CBO warn against letting all of the tax cuts expire?
5. How did the results of the 2012 elections shape the debate over the budget?
6. Why might Obama & Boehner working by themselves possibly be more successful than if their parties were involved?
7. What is Obama's budget plan?
8. What is the plan proposed by the Republicans in the House?
9. What is in Obama's new plan for spending cuts?
10. Why do Republicans mainly want to deal with spending cuts? Why do Democrats mainly want to deal with raising more revenue?
11. How did taxes change January 1, 2013?
12. What are some possible options that could produce a balanced budget?
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