Downward Slope of Fiscal Cliff

What we need to do is put the federal budget on a glide path to sustainability over the next four years.That includes  reforming the tax system by eliminating tax expenditures and lowering marginal rates, fixing an unreasonably expensive medical establishment, and finding a way to keep the economy going in the short run while we make needed long-run structural changes. Running downhill toward a cliff is not a promising way to ensure that all the pieces of fiscal reform come together in the right way at the right time.