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?
