Wednesday, December 26, 2012

Everything Is Under Control

The Treasury Department says there's nothing to fear:
The Treasury Department is telling its staff not to worry about the "fiscal cliff," an internal memorandum sent to all employees reveals. The memo, which is signed by the deputy secretary of the treasury, Neal S. Wolin, states that "there is no reason why both sides should not be able to come together" to reach a deal.

"As you are likely aware, the Administration and Congress are continuing to work to resolve a series of economic or fiscal events, collectively referred to as the “fiscal cliff,” that are scheduled to occur around the end of the year. One of the key issues involves potential across-the-board reductions in Federal spending- also known as “sequestration”-which were put in place by the Budget Control Act of 2011. Under current law, these reductions are scheduled to take effect on January 2, 2013. Many of you have raised questions regarding the impact of a potential sequestration for the Department of the Treasury, and I would like to take a moment to clarify a few things," the memo begins.

"First and foremost, it is important to keep in mind that the Administration remains focused on working with Congress to reach agreement on a balanced deficit reduction plan that avoids such cuts. Sequestration was never intended to be implemented, and there is no reason why both sides should not be able to come together and prevent this scenario."
Being in government, they probably figured they were more immune from their own mistakes than the rest of us...

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