Guest Analyst: Kevin T. Jacques, Boynton D. Murch Chair in Finance at Baldwin Wallace University
As the new year approaches, so does the ‘fiscal cliff.’ Barring action before the end of the year, marginal tax rates are set to rise sharply, defense spending will be cut and so will billions of dollars' worth of social programs. One impact of all this would be a shrinking federal deficit, but the Congressional Budget Office says it’s also likely to push the economy back into recession.
Roundtable: Brian Tucker, publisher and editorial director, Crain’s Cleveland Business; Sarah Jane Tribble, reporter, The Plain Dealer; James F. McCarty, reporter, The Plain Dealer.
Fiscal Cliff
The panel continues discussion about the continuing budget crisis in Washington.
Supreme Court Green Lights Redistricting
In an uncharacteristic 4-3 ruling, the Ohio Supreme Court this week upheld the current rejiggering of Ohio’s legislative districts. Democrats had filed suit challenging the constitutionality of the new districts, arguing that they bisected too many political subdivisions for partisan gain. The court’s majority wrote that the constitution gives the apportionment board wide discretion and it’s not the court’s job to second guess. Ohio Republicans maintained their majorities in the House and Senate.
Bridge Bombers’ Day in Court
Sentencing for five men charged with attempting to blow up a bridge on Route 82 moves toward conclusion. Three of the defendants were handed prison terms that, in most cases, were shorter than those requested by federal prosecutors. Those sentences were the target of public criticism this week, prompting the judge to offer to withdraw from the sentencing of a fourth man on Friday.
Lawmakers Abort Controversial Measures
The Republican leader of the Ohio Senate says the chamber will table laws that would have restricted abortions when a fetal heartbeat was detected and trimmed funding for Planned Parenthood. The former would have been the most restrictive abortion law in the country; the latter would have taken away about two million dollars from Planned Parenthood.