Obama's Fiscal Cliff Riff [Uncensored]

Описание: Obama sings a folksy ditty about the impending fiscal cliff. Buy the Fiscal Cliff Riff song on iTunes https://itunes.apple.com/us/album/oba...

Obama - Ronnie Butler Jr.
Writer/Producer - Ronnie Butler Jr.
Director/DP/Editor - Raphe Wolfgang
Music - Ronnie Butler Jr. & Eban Schletter
Associate Producer - Katarina Hughes
Sound Recording/Mixing - Anthony Brodeur
Audio Playback - Nakia Syvonne Secrest

A special thanks to Scott B. Swenson.

The fiscal cliff is a recently-coined term referring to the effects that could result in tax increases, spending cuts and a corresponding reduction in the US budget deficit beginning in 2013 if existing laws are not changed by the end of 2012. The deficit — the difference between what the government takes in and what it spends — is expected to be reduced by roughly half beginning in the first days of 2013. This sharp decrease in the deficit in such a short period of time is known as the fiscal cliff. The Congressional Budget Office (CBO) estimates the sudden reduction will probably lead to a recession in early 2013 with the pace of economic activity picking up by late 2013.
The laws leading to the fiscal cliff include the expiration of the Bush tax cuts and planned spending cuts under the Budget Control Act of 2011. This law was enacted as a compromise to resolve a dispute concerning the public debt ceiling. Some major programs, like Social Security, Medicaid, federal pay (including military pay and pensions), and veterans' benefits, are exempted from the spending cuts. Spending for defense, federal agencies and cabinet departments would be reduced through broad, shallow cuts referred to as budget sequestration.