"The Budget Control Act’s mandated $1 trillion in spending cuts would remain in place with half, $550 billion coming from defense."
There’s no way to understand the jousting and positioning over the ‘fiscal cliff’ without understanding the following facts: Both President Obama and congressional Republicans are moving right along to the edge of the cliff. Both say they’re ready to go over the edge. Only President Obama is gliding along in a hot air balloon and John Boehner and co. are on foot. So the repercussions over going over the edge are quite different. And both sides know it.