Hobbled by the self-inflicted wounds of the debt-ceiling debacle in the summer of 2011 – which undermined economic growth and job creation, and further damaged Americans’ confidence in their political system – the US Congress and President Barack Obama’s administration recognized the need for a measured and rational approach to fiscal reform. To increase the likelihood of this, they agreed on immediate spending cuts and tax increases that would automatically kick in (the “fiscal cliff”) if agreement on a comprehensive set of fiscal reforms eluded them.
在被自作孽式的2011年夏债务上限闹剧弄得很受伤之后——这场闹剧不但破坏了经济增长和就业创造，还进一步损害了美国人对其政治制度的信心——美国国会和奥巴马政府终于认识到理性、慎重的财政改革办法的必要性了。为了增加这种改革的可能性，他们同意立刻削减开支、增加税收，只要关于全面财政改革计划的协议不对此问题作出新安排，就会立刻实施（即“财政悬崖”）。