Budget Deficit and the Cliff: What's at risk
Posted on December 11, 2012 by Megan Burke
The deadline for Congress to pass a deficit reduction package is looming. If they do not agree on a plan by January the U.S. goes over the fiscal cliff. Everybody loses if we go over the cliff. There will be across the board cuts to defense discretionary spending and non-defense discretionary spending. In addition the Bush-era tax rates are set to expire, and everyone’s taxes will increase (an average of $2200 for a middle class family). We haven’t hit the cliff yet, and there is a lot at stake in the deficit debate.
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