Chart of the Week: Government Spending Drives Debt Limit Higher

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Even though Congress and President Obama reached a fiscal cliff deal, the fallout will continue to be felt by individuals, investors, married couples, and small businesses earning $400,000 and above (for couples, $450,000 and above).

And that does not include the impact on all workers hit by the payroll tax holiday expiration, as The Heritage Foundation’s Emily Goff pointed out before the holidays.

The fiscal cliff deal, however, does little to address the critical point of the debt problem — our nation’s spending. Instead, the deal relies on tax increases, and even increases spending by extending unemployment benefits, according to Goff.

It’s precisely that spending problem and skyrocketing debt, Goff writes, that will emerge as the next “cliff” — the looming debt limit fight likely to appear at the end of February.

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