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First, it could avoid the worst effects of the fiscal cliff without ignoring our fundamental fiscal challenge, the unsustainable mismatch between spending commitments — largely for health-care programs — and current revenue projections.
The fiscal challenge is long term, not immediate.
What was a fiscal challenge is now a fiscal crisis".
That said, statistics paint the remarkable fiscal challenge Iceland faces.
To be sure, America has a long-term fiscal challenge that needs to be confronted.
President Obama has spoken about the need to take on the long-term fiscal challenge.
Second, and more important, entitlement spending is America's biggest long-term fiscal challenge.
The fiscal challenge was to meet military and social needs without creating inflationary pressure.
The federal government is today facing the largest fiscal challenge since World War II.
"Never before have New Yorkers faced this type of fiscal challenge," Mr. Pataki said.
Not dealing with big deficits doesn't just mean that the fiscal challenge grows, though.
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