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What Is The
And How Will It Impact The Economy?
The Fiscal Cliff could lower the national deficit by up to $607 billion in 2013 — but at what cost to jobs and our economy?
If Congress can't reach a deal by 2013, all of this kicks in:
$607 BILLION TOTAL
$399 BILLION (66.7%): Changing Tax Provisions
221b: Expiring Bush-era tax cuts and provisions
95b: Expiring Payroll tax holiday
65b: Other expiring tax provisions
18b: New taxes from Affordable Care Act
$103 BILLION (17.0%) : Forced Spending Cuts
65b: Forced Cuts by the Budget Control Act
26b: Expiring unemployment insurance
l1b: Reduced Medicare physician payments
$105 BILLION (17.3%) : Revenue and Spending Changes
Outcomes If We Go Over The Cliff:
The largest single deficit reduction in US history, it could reduce the deficit up to $607 in 2013 - by 5.1% of 2012-2013 real GDP
Real GDP could drop by 0.5% in 2013 leading to a possible recession, and financial markets could suffer due to increased caputal gains taxes.
Unemployment could spike up to 9.1% by Q4 2013,
Almost 90% of Americans taxes would go up, with the average taxpayers's bill going up $3,446 in 2013
Up Next For Congress and Obama:
1. Reach deal by end of 2012 or I)uSh to 2013.
2. Vote to raise Debt Ceiling in February.
3. Pass next Continuing Resolution by March 27th.
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