Our view: Avoiding the fiscal cliff
A new year is usually filled with a sense of hope and possibility.
But as Dec. 31 creeps closer, there’s a sense of uncertainty as federal lawmakers continue to bicker about how to best save the country from falling off what has been dubbed the fiscal cliff.
Depending on the source, the cliff is a combination of anywhere from $500 billion to $700 billion in federal spending cuts and tax increases that take effect Jan. 1 unless President Barack Obama and House Republicans can reach a compromise. The tax increases come because of the scheduled expiration of the Bush-era tax cuts and the payroll tax cut enacted in 2010 under Obama, as well as a number of smaller tax cuts for people and businesses.
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