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Work Together: Avoid the Fiscal Cliff
Everything you need to know about the fiscal cliff in one post
Dylan Matthews, Washington Post – A series of major policy changes that will happen automatically at the end of this year if Congress does nothing. The big players on the tax side are the Bush tax cuts and the payroll tax cut. On the spending side, the automatic cuts included in last summer’s debt ceiling deal will take effect. But there’s a lot more, as you can see in this table from the Committee for a Responsible Federal Budget: [Read More]
What Is the Fiscal Cliff?
Jonathan Masters, CFR - The “fiscal cliff” is a term used in discussions of the U.S. fiscal situation to describe a bundle of momentous tax increases and spending cuts that are due to take effect at the end of 2012 and early 2013. In total, the measures are set to automatically slash the federal budget deficit by $607 billion or approximately 4 percent of GDP between FY 2012 and FY 2013, according to the Congressional Budget Office: [Read More]
