WASHINGTON | Fear of spending cuts and fiscal cliff has made the U.S. defense officials cut spending even before they were forced to do so. A good example of commendable public spirit, even if a bit exaggerated.
The figures don’t look too good. Raising taxes on the rich and simply delaying spending cuts for a paltry two months are going to do little to remedy the humongous US debt problem which amounts to over $17 trillion.
Most Republicans act as obdurate and dogmatic preachers of a new faith that refuses any concession on the core objective of making life miserable for liberals, women and non-white minorities that cast a vote enabling an evil and un-American President to be re-elected.
The extremists of the Tea Party have ruined the Republican Party and threaten now with bringing to a halt the Congress and the government. Economic indicators are already signalling danger.
After months focused on the eurodrama, markets are starting to care more about the so-called fiscal cliff, a popular shorthand term used to describe the situation that Washington will face at the end of this year. Bush tax cuts are set to expire unless Republicans and Democrats agree on how to extend them and who would have to pay. This combined with $110 billion in defense and domestic spending cuts…