The fiscal cliff

In January, a host of tax breaks are set to expire while sharp spending cuts adopted during last summer's debt-limit showdown are set to take effect. Together, the policies would reduce spending and raise tax revenue by more than $500 billion in 2013. That would be good for the deficit but potentially disastrous for the economy. Read related article.

Dealing with deficit reduction.
Sources: Congressional Budget Office, Committee for a Resonsible Federal Budget. The Washington Post. Published on May 14, 2012, 8:34 p.m.
 
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