While there has been much noise about the "fiscal cliff" approaching at the end of 2012, the truth is that politicians have a long history of acting irresponsibly with taxpayer money. The last year that federal debt did not increase from the prior year was 1957. Every year since then, whether the president was Republican or Democrat, and regardless of the majority party in the Senate or House of Representatives, Congress has spent more money than it has taken in.
David A. Pace, CFA
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