October 24, 2014

Petri says compromise likely on fiscal cliff

If it’s addressed properly, U.S. Representative Tom Petri (R-WI) says dealing with the looming fiscal cliff should help the nation.

The Republican Congressman from Fond du Lac says the crisis is the result of too many decisions being kicked down the road over the years. He says dealing with them will force federal lawmakers to sit down and work things out so they can reach a long term agreement that gets the country’s financial affairs in order.

AUDIO: Rep. Tom Petri (:19)

The fiscal cliff refers to a number of tax cuts that are set to expire at the end of the year, along with a number of forced spending cuts. Experts warn that not taking any action could plunge the nation into another recession, since billions of dollars would be removed from the economy.

Petri says the looming crisis is impacting business decisions and further hurting the economy. He says many business owners have been putting off decisions about hiring and expansions because of the uncertainty.

Petri believes lawmakers will reach a compromise. While the final deal may end up not being popular with many Americans, he says the outcome will be necessary.

Bob Nelson, KFIZ