Bill Frenzel: The Fiscal Cliff--A Hard Landing Becomes More Likely

Today on the Brookings Institution website, CRFB co-chair and former Congressman Bill Frenzel (R-MN) wrote an op-ed about the looming fiscal cliff. In it, Rep. Frenzel argues that there may not be enough time to avert the fiscal cliff during the "lame-duck" session of Congress. He believes that there is hope for a solution, but both parties will need to compromise.

They have proved that they can compromise "up" in spending bills. Now they have to learn to compromise "down." For the two parties it's a Hobson's choice. Each side is protecting valuable, traditional territory. For Republicans, it's no new taxes and growth for the economy. For Democrats, it is no entitlement cuts and a more compassionate government.

Only the factions themselves can decide what, when and where to yield, but yield they must. If not, they doom us and our progeny to unsustainable debt loads and declining income. It's a long, painful way down to the bottom of that cliff. When we fall, we may not hit bottom immediately, but we will hit it eventually.

Click here to read the entire article.

"My Views" are works published by members of the Committee for a Responsible Federal Budget, but they do not necessarily reflect the views of all members of the committee.