The ‘fiscal cliff’ explained in charts
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There has been a lot of talk about the “fiscal cliff.” But what is it? How will it affect your pocketbook? These charts address these questions and will help you understand why lawmakers want to reach a deal on taxes and spending to prevent us from falling off the cliff.
What is the "fiscal cliff"? The term is wonk-speak for a series of major tax hikes and spending cuts that will go into effect if Congress doesn’t act. The cuts and tax breaks will affect wealthier Americans differently than lower-income Americans. Chart courtesy of Tax Policy Center
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The president is ready to veto a bill blocking the tax hikes and spending cuts without higher rates for the rich.
Bank chiefs tell Obama and Congress interest rates will spike and markets will be unstable if they don’t make a deal.