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SPEAK OUT: Will the U.S. Go Over the Fiscal Cliff?

A Dec. 31, 2012, deadline looms for Congress on a number of significant financial issues.

 

Now that the election is over, the most prominent problem facing the U.S. government is the “fiscal cliff.” You may have heard or seen the term in recent media coverage, but what, exactly, does “fiscal cliff” mean?

If Congress fails to act, on Jan. 1, 2013, a number of financial policies will either expire or initiate, including $7 trillion worth of tax increases and spending cuts over the next 10 years.

Some of the agencies and programs affected include: Defense cuts, air travel safety and food inspection cuts, income tax rates, the estate tax, marriage penalty relief, child tax credit, the alternative minimum tax, a drop in Medicare reimbursements, small business tax breaks and more.

How do you feel about the country potentially going over the fiscal cliff?

jag November 09, 2012 at 05:07 PM
Hilarious joke.
jag November 09, 2012 at 05:28 PM
Love how 100,000,000,000 a year is "a drop in the bucket" when the Right just ran a campaign of citing PBS and food stamps as the problems areas of our budget. A drop in the bucket? Are you serious? "Warren Buffet, a big Obama supporter, gets 95 billion a year in government subsidies. He's one person who is certainly wealthy but those subsidies are not on the table." You don't know what you're talking about. From misspelling his name onward.
Corbin Dallas Multipass November 09, 2012 at 05:39 PM
"It was not a win for Maryland job seekers who would have liked to work for the defense contractor." That's silly, sure it is, many people choose to live in Maryland and commute to VA.
MocoLoco November 09, 2012 at 06:24 PM
Well--to be sure--I am not trying to finish off America. I'm trying to save it from unending debt
Corbin Dallas Multipass November 09, 2012 at 09:43 PM
"Just like the governor's idiocy. A few commuters got to keep their jobs while many thousands more lost the opportunity. Sheesh. Talk about ingrained stupidity." What? The jobs are moved from LA and weren't available here. How did commuters keep jobs that didn't exist?

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