United States fiscal cliff

2536:, by a margin of 89–8. The bill would delay the budget sequestration by two months, and increase marginal income and capital gains tax rates relative to their 2012 levels for annual income over $ 400,000 for individuals and $ 450,000 for couples. A phase-out of tax deductions and credits for incomes over $ 250,000 would be reinstated from the times before the Bush tax cuts. The two-year-old cut to payroll taxes would expire, while estate taxes would increase, and changes would be made to the alternative minimum tax to avoid its application to middle-class families. These changes would all be made permanent. In addition, federal unemployment benefits would be extended for a year without a budget offset elsewhere. 92: 530: 851: 895:

billion in 2011 to $ 505 billion in 2012 before rising again and reaching $ 597 billion in 2021 (see Table 4). Between 2012 and 2021, budget authority for nondefense purposes would be $ 418 billion less than the amount that would be provided if funding grew at the rate of inflation after 2011. Under an assumption that the obligation limitations for certain transportation programs grow over time at the rate of inflation, nondefense funding in 2021 would represent 2.8 percent of GDP; by comparison, such funding has averaged 4.1 percent of GDP during the past decade (see Figure 6)." Alan Houseman of the

1341: 1177: 87: 2029:, said on January 1 that he did not support it. The prospect was raised that the House would pass an amended bill, but it was determined to be unlikely that the Senate would vote on any amended legislation before the end of the 112th Congress at noon on January 3, 2013 (all legislation under consideration expires at the end of each Congress). The House passed the bill without amendments by a margin of 257–167 at 11 pm on January 1, 2013. 85 Republicans and 172 Democrats voted in favor while 151 Republicans and 16 Democrats were opposed. 1092: 926:, as faith ebbed in the ability of Congress to resolve the issue. Even as the Pentagon has had to curb needed investments, the impact from government by crisis cost the federal government billions of dollars in inefficiencies and the resulting economic uncertainties may have cost the overall economy millions of jobs. Michael O'Hanlon blamed the negative growth at the end of 2012 on Pentagon cuts in expectation of sequestration. And the USAF has moved to shut down the 827:'s "Alternative Fiscal Scenario" included only the first four items above. Changes to other provisions were sometimes included in such proposals, such as changing the original caps on discretionary appropriations contained in 2011's Budget Control Act, indexing the AMT exemptions for inflation (rather than capping them for one year at a time) or the wholesale or partial reform of the tax laws and/or the entitlement programs (sometimes called "the grand bargain"). 1125: 2082:

alternative minimum tax would be made permanent. The passage of the bill came after days of negotiations between Senate leaders and the Obama administration, with the final agreement being attributed to talks between Vice President Joe Biden and Senate Minority Leader Mitch McConnell. Some Democrats criticized the bill for not raising taxes on the wealthy more, while Republicans criticized it for raising tax rates while not providing explicit spending cuts.

863:, which directed that both defense and non-defense discretionary spending be reduced by "sequestration" if Congress was unable to agree on other spending cuts of similar size. The scope of the law excludes major mandatory programs such as Social Security and Medicare. As of January 2013, Congress was unable to reach agreement on spending cuts and the sequestration was delayed until March 2013 as part of the American Taxpayer Relief Act of 2012. 1327:

2012 revenues of $ 2,435B, while raising the 2013 spending from $ 3,554B to $ 3,604B, an increase of $ 41B or 1.15% versus 2012 spending of $ 3,563B. After adjusting for these changes, the deficit was projected to be $ 971B in 2013 instead of the $ 641B projected prior to ATRA, an increase of $ 330B. Both deficit projections were below the 2012 deficit of $ 1,128B by $ 157B and $ 487B, respectively.

641:(the "super committee") to produce legislation by late November that would decrease the deficit by $ 1.2 trillion over ten years. When the super committee failed to act, another part of the BCA went into effect. This directed automatic across-the-board cuts (known as "sequestrations") split evenly between defense and domestic spending, beginning on January 2, 2013. Also, the 483:(ATRA) addressed the fiscal cliff's revenue side by implementing smaller tax increases compared to the expiration of the Bush tax cuts. Adjustments to spending were expected to be resolved in early 2013. Intense debate and media coverage regarding the fiscal cliff triggered widespread public attention in late 2012 due to its projected short-term fiscal and economic impact. 1168:", versus declining by one-third). Revenues were assumed to remain around the historical average of 18% GDP. Under this scenario, public debt rises from 69% GDP in 2011 to 100% by 2021 and approaches 190% by 2035. This scenario has considerably higher debt and interest payments than the baseline projection, but the short-term impact on the economy would have been avoided. 660:. During a 2 am vote on January 1, 2013, the Senate passed the American Taxpayer Relief Act of 2012 by a margin of 89–8. The House passed the bill without amendments by a margin of 257–167 at about 11 am that same morning. Eighty-five House Republicans and 172 Democrats voted in favor while 151 Republicans and 16 Democrats were opposed. 1185:

beyond. However, the 2014 deficit reduction would adversely impact the economy in the short-run. On the other hand, if Congress acts to extend current policies (the alternative scenario), deficits and debt will rise rapidly over the next decade and beyond, slowing the economy over the long run and dramatically increasing interest costs.

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under which legislators might be forced to enact better designed deficit reduction approaches of similar or greater magnitude. Conservative budget experts have opposed calls to raise taxes or to allow defense sequestration, and have called on congressional leaders to return to normal budgetary process. Patrick Knudsen, a

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606 billion but this is without considering economic feedback. Reduced taxes and increased spending, due to the 1.3% contraction in the first half of 2013, as well as other constraints, are expected to decrease the savings by $ 47 billion, giving a net total of $ 560 billion in deficit reduction during FY2013.

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In 2011, discretionary spending totaled about $ 1.35 trillion, accounting for close to 40 percent of federal expenditures. Slightly more than half of the discretionary money went for defense. The rest of the discretionary spending funded a wide variety of government programs and activities, including

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December 21, 2012: With just 10 days left before the end of the year, President Obama scaled back his proposals and urged Congress to adopt stopgap measures to: prevent taxes from rising on income under $ 250,000 a year, restore unemployment benefits and "lay the groundwork" for budgetary action next

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December 13, 2012: Both parties have publicly stated the negotiations are at a stand still. Several commentators have reported that a deal is not expected until after December 25, 2012 but not before December 30, 2012. Furthermore, one commentator described the parties as "playing familiar roles in a

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On July 25, 2012, the Democratic-controlled U.S. Senate voted 51–48 to pass a bill supporting the President's tax proposal which extended the Bush tax cuts for 98% of taxpayers, while allowing them to lapse for the top 2%. The Senate also rejected the Republican proposal of extending the tax cuts for

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Under current laws scheduled to take effect by the end of 2012, the total 2013 deficit will be $ 612 billion, as opposed to $ 1,171 billion for the previous year. The pie chart to the right contains a breakdown of the currently authorized reductions to the FY2013 deficit. The total of this chart is $

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The Congressional Budget Office estimates that allowing certain laws on the books during 2012 to expire or take effect in 2013 (the baseline scenario) would cut the 2013 deficit approximately in half and significantly reduce the trajectory of future deficits and debt increases for the next decade and

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At the end of 2011, the patch to the AMT exemptions expired. Technically, the AMT thresholds immediately reverted to their 2000 tax year levels, a drop of 26% for single people and 40% for married couples. Anyone over these reduced thresholds at the end of 2012 would be subject to the AMT. Therefore,

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The budget sequestration was delayed by two months to give time for further negotiations on deficit reduction. $ 24 billion (out of $ 110 billion for FY2013) was offset by tax increases, as well as a provision allowing 401(k) accounts to be rolled over into Roth IRA plans, requiring taxes to be paid

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The CBO's January 1, 2013 analysis of the American Taxpayer Relief Act of 2012 (ATRA) included adjustments to the Baseline scenario for 2013 of -$ 280B in revenues and +$ 50B in spending. This lowers the 2013 Baseline revenue projection from $ 2,913 to $ 2,633B, an increase of $ 198B or 8.13% versus

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Various sources have estimated the impact on taxpayers from the tax increases that would have occurred if the Bush income tax cuts and the Obama payroll tax cut had been allowed to expire with the fiscal cliff. The table below shows the dollar and percentage increase in income taxes for the 2013 tax

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The fiscal cliff would have increased tax rates and decreased government spending through sequestration. This would lead to an operating deficit (the amount by which government spending exceeds its revenue) that was projected to be reduced by roughly half in 2013. The previously-enacted laws causing

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The table below shows the estimated impact on taxpayers from the tax increases that occurred with the expiration of the Obama payroll tax cut and partial expiration of the Bush income tax cuts. The estimated impact is given as an average for the different income levels. The baseline that is used is

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Marginal income and capital gains tax rates increased relative to their 2012 levels for those with annual income over $ 400,000 for individuals and $ 450,000 for couples, but the rates below these levels remained at their 2012 levels. The top income rate increased from 35% to 39.6%, and the capital

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Congressional Republicans have proposed that the Bush tax cuts be extended in their entirety. In August 2012, the CBO estimated that extending these tax cuts for the 2013–2022 time period would add $ 3.18 trillion to the national debt relative to the current law baseline, comprising $ 2.74 trillion

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and other benefit programs over a decade. Obama also wanted "an extension of the 2 percentage point payroll tax cut" and spending of "at least $ 50 billion" in 2013 "to boost the economy." Although Democratic Congresspersons have in general supported President Obama's proposal, its November version

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The CBO's August 2012 "Baseline scenario" assumed revenue would increase from $ 2,435B (billion) in 2012 to $ 2,913B in 2013, an increase of $ 478B or 19.63%. It also assumed spending would decline from $ 3,563B in 2012 to $ 3,554B in 2013, a decrease of $ 9B or −0.25%. The deficit was projected to

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The CBO has been publishing baseline projections, following existing law, since 1985. Under the baseline projection (with the "cliff" occurring), tax cuts are allowed to expire and spending cuts are implemented in 2013, resulting in higher tax revenues plus reduced spending, thus lowering deficits,

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These painted starkly different fiscal futures. If Congress and the President did not act, allowing tax cuts to expire and mandated spending cuts to be implemented, the next decade would have more closely resembled the baseline projection. If they acted to extend current policies, keeping lower tax

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Three CBO deficit scenarios related to the American Taxpayer Relief Act of 2012 (ATRA) and the Fiscal Cliff. The blue line (August 2012 baseline) at bottom was the "current law" baseline, with tax increases and spending cuts that would take effect if laws were not changed. The grey line (March 2012

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The CBO estimated the possible impact on non-defense discretionary spending in October 2011 testimony: "If defense and nondefense appropriations were cut proportionally relative to the funding that would be necessary to keep pace with inflation, nondefense budget authority would decrease from $ 511

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During 2013, discretionary spending would be maintained around 2012 levels due to the sequester. However, the spending begins to rise thereafter, but not at the pace projected prior to the sequester. In other words, the trajectory of spending increases is reduced, but spending is not frozen at 2012

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remain in the early stages of negotiations for a possible solution. Republicans proposed adding $ 600 billion in spending cuts by increasing the Medicare eligibility age from 65 to 67 and reducing Social Security benefits. However, both parties continued to ridicule each other's proposals, such as

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increase that was expected to be needed sometime in February. However, on January 23, 2013, the Republican-led House passed a bill suspending the debt ceiling until May 18, 2013. The bill did not include any offsetting budget cuts, as Republicans had previously stated as a precondition for raising

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This table contains a comparison of the official proposals and counter-proposals from President Obama and Speaker Boehner, as of December 18, 2012. It does not include leaked or partial information about one specific aspect of an offer nor does it include partisan votes in the House or the Senate.

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They had been working since 2011 but " so far failed to reach an agreement after more than a year of talks." Because of the number of spending cuts and tax changes, at least half a dozen committees, such as the House Ways and Means and Senate Finance committees, might want to weigh in on the bill.

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The CBO estimated the possible impact on defense spending in October 2011 testimony: "Compliance with the caps on discretionary funding could occur through many different combinations of defense and non-defense funding. For example, defense and nondefense appropriations might be cut proportionally

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ATRA eliminated much of the fiscal cliff's tax side while the reduction in spending caused by budget sequestration was delayed for two months. With ATRA's passage, the CBO projected an 8.13% increase in revenue and a 1.15% increase in spending for fiscal year 2013. The act caused a projected $ 157

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Both sides privately acknowledge that they are playing familiar roles in a largely choreographed drama whose precise end may not be known, but is likely to include a sizable tax hike on the order of $ 1 trillion, spending cuts that get somewhere close to that number and a pledge to come back next

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In all, the bill included $ 600 billion over ten years in new tax revenue, about one-fifth of the revenue that would have been raised had no legislation been passed. This would be the first year-to-year income-tax rate increase since 1993. The new rates for income, capital gains, estates, and the

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On December 18, 2012, Boehner announced that a new "Plan B" would be taken up by the House. This plan would raise tax rates for those who earn over a million dollars. However, by December 20, 2012, he was forced to pull the measure when it became clear that House Republicans would not support it.

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CBO estimated, under the baseline projection, that public debt would rise from 69% GDP in 2011 to 84% by 2035. In the long run, lower deficits and debt would have led to relatively higher growth estimates. But, in the short run, real GDP growth in 2013 would have likely been reduced to −0.5% from

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On 20 February 2013, Defense Department Controller Robert Hale said that rather than cancelling contracts outright, the DoD would instead use furloughs and simply not exercise contract options for supplies and services. Hale testified the next month and told the Congress that it was their actions

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The raise in revenue contained in the ATRA came from increased marginal income and capital gains tax rates relative to their 2012 levels for annual income over $ 400,000 ($ 450,000 for couples); a phase-out of certain tax deductions and credits for those with incomes over $ 250,000 ($ 300,000 for

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have argued that allowing the tax increases and spending cuts to occur under current law may be necessary to create the "grand bargain" required to get the U.S. deficit and debt trajectory under control for the long-run. In other words, allowing current law to take effect would create conditions

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During November 2012, President Obama expressed a preference for replacing the more blunt cuts of the sequester with more targeted cuts, while raising income tax rates on the top 2% of earners. Senior White House officials recommended a veto of any bill that: 1) averts defense cuts while leaving

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per dollar of deficit impact. In other words, some choices are economically more efficient. CBO explained why spending cuts have a more significant adverse impact on the economy than tax increases per dollar of deficit reduction: "The larger 'bang for the buck' next year of the spending policies

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If Congress had "avoided" the "fiscal cliff" by continuing its existing policies, the future would have more closely resembled the CBO's "alternative fiscal scenario". This scenario involved extending the Bush tax cuts, repealing the automatic spending cuts, restricting the reach of the AMT, and

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proposed budget, which matches the $ 4.6 billion cut of sequestration. Should these both apply then the Department of the Navy would be almost $ 10 billion below plan. The Navy also suffers from congressional restrictions on shipbuilding and conversion which further strains their limited budget.

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The effect on discretionary spending will be significant if the sequestration is not avoided. Cuts totaling $ 110 billion per year will be applied from 2013 to 2022, split evenly ($ 55 billion each) between defense and non-defense discretionary spending. For scale, discretionary funding for 2011

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Without new legislation, these provisions were to automatically go into effect on January 1, 2013. Some provisions increased taxes (the expiration of the Bush and FICA payroll tax cuts and the new Affordable Care tax and AMT thresholds) while others reduced spending (sequestration, expiration of

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emphasized the importance of balancing long-term deficit reduction with actions that would not slow the economy in the short-run. Charles Konigsburg, who directed the bi-partisan Domenici-Rivlin deficit reduction panel, advocated avoiding the fiscal cliff while taking steps to reduce the budget

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has said that continuing to operate under a series of continuing resolutions would be just as bad as sequestration, because these would freeze all programs at last year's spending levels, instead of allowing each program to adjust to its current situation. Also the CR is $ 4.6 billion below the

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relative to the funding that would be necessary to keep pace with inflation. In that case, funding for defense programs apart from overseas contingency operations would drop from $ 552 billion in 2011 to $ 538 billion in 2012 before rising again and reaching $ 637 billion in 2021 (see Table 3).

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According to CBO, the total deficits for the 2013–2022 period would be increased by $ 3,971 billion relative to not passing the bill. CBO separately indicated in January 2013 that $ 600 billion in additional interest costs over the 2013–2022 period were not included in their initial assessment

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On December 3, 2012, Speaker John Boehner proposed a Republican plan that included $ 2.2 trillion in deficit cuts over a decade. Revenue would be generated mainly by reducing tax expenditures (exemptions and deductions) rather than increasing income tax rates. Further, it included raising the

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On December 26, 2012, Geithner announced that the federal government would exceed the current debt ceiling on December 31, 2012. Therefore, a number of measures would be put into place to delay this from happening, starting with suspending issuance of State and Local bonds on December 28 and

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announced it would keep short-term interest rates near zero percent in an effort to lower unemployment to 6.5 percent. However, when commenting on the upcoming fiscal cliff, Federal Reserve officials "agree that the impact of the bank's stimulus campaign will be trivial in comparison to the

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Between 2012 and 2021, such funding would be $ 445 billion less than the amount that would occur if the amount of funding for 2011 grew at the rate of inflation. When measured as a share of GDP, funding for defense would decline by about 1 percentage point from 2011 to 2021, or by more than

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Budget deficits, projected through 2022. The "CBO Baseline" (in red) shows the expected effects of the fiscal cliff under then-current law, i.e., if Congress took no action in 2012. The "Alternative Scenario" (in blue) represents what was expected to happen if Congress were to extend the

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The Alternative Scenario incorporates the following assumptions over the Baseline: (a) Expiring tax provisions (other than the FICA tax cut) are extended, (b) the AMT is indexed for inflation after 2011, (c) Medicare's payment rates for physicians are held constant and (d) the automatic

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Although the U.S. technically went over the fiscal cliff at midnight on New Year's Eve, the Senate and the House of Representatives passed a bipartisan bill (called the American Taxpayer Relief Act or ATRA) on New Year's Day, which President Obama signed into law Thursday, January 3,

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A number of corporate tax breaks and loopholes were extended, including the "active financing" tax exemption for major corporations (cost $ 9 billion), a rum tax supporting Puerto Rico rum industry ($ 547 million in 2009) and a tax benefit for NASCAR racetrack owners (around $ 43

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has noted that, as entitlement programs are largely exempt from the mandated cuts, sequestration would result in these programs assuming a larger percentage of the (reduced) budget, while spending on other programs such as defense would make up a smaller percentage of the budget.

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The austerity represented by the sequester is not unprecedented; from 1990 to 1999, defense spending actually declined by about 1% annually, from $ 300 billion to $ 276 billion, although non-defense discretionary spending grew by 4.5% annually, rising from $ 200 to $ 297 billion.

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Proposals to avoid the fiscal cliff involved repealing legislation containing certain of these provisions or passing new legislation to extend provisions that were due to expire. Different proposals were to include changes to some or all of the above provisions. For example, the

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delivered a proposal containing $ 1.6 trillion in new taxes, $ 50 billion in stimulus spending, and $ 400 billion in federal health savings over the next decade. As part of the proposal, the President wanted an extension of the 2% payroll tax cut and authority to raise the debt

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one-fourth (see Table 5). Funding for defense in 2021 (excluding overseas contingency operations) would represent 2.7 percent of GDP; by comparison, annual funding for defense (excluding overseas contingency operations) has averaged 3.4 percent of GDP during the past decade."

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U.S. Federal budget deficit as % of GDP assuming continuation of certain policies for 2012–2022. The baseline deficit indicates the scenario with the fiscal cliff, meaning tax cuts expiring and spending cuts applied. Avoiding the "fiscal cliff" increased the projected

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Senate-passed Middle Class Tax Cut Act (S. 3412), which was voted on in the Senate on July 25, 2012, would extend for one year the Bush-era tax cuts on the first $ 250,000 of income reported on joint returns and would patch the alternative minimum tax for 2012, but not

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if the payroll tax cut had been extended, new health care tax not implemented, and Bush income tax cuts fully extended. Average federal taxes include individual income taxes, corporate income taxes, payroll taxes, and estate taxes as a percentage of average cash income.

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Each piece of the fiscal cliff would have had varying effects on people at different income levels. Low-income households are most affected by expiring expansions of the child tax credit and earned income tax credit. Middle-income households are affected most by the

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According to former Secretary of Defense Robert Gates, the deep across-the-board cuts in defense spending required by the Budget Control Act will threaten military-dependent local economies and "do great damage" to American military strength and homeland security.

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under the CBO's alternate scenario. In other words, roughly 70% of debt increases projected over the next ten years could have been avoided by "going over the cliff" and allowing the expiration of tax cuts and required sequestration expected at the end of 2012.

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On 26 March 2013, Obama signed a continuing resolution that would allow for reprogramming requests to shift $ 10 billion in funds under the sequestration limit, however civilian furloughs across all Pentagon budget areas will be required to meet wartime costs.

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December 28, 2012: According to confidential sources, the 112th Congress could not pass legislation to avert the fiscal cliff until January because Congress would not meet until December 31, 2012. The 113th Congress is scheduled to convene January 3, 2013, at

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Later on Wednesday, Treasury Secretary Timothy Geithner told CNBC that the administration "absolutely" was prepared to allow the country to go over the cliff on Jan. 1 if Republicans refused to back off from their opposition to raising rates on wealthier

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CBO estimates that if the baseline scenario is allowed to take effect in 2013, it would reduce federal spending by $ 103 billion and increase tax revenues by $ 399 billion (and another $ 105 billion "mostly in revenue") through September 2013 (the end of

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These provisions are basically corporate tax credits or specific spending authorizations, which are set to expire from time to time and therefore must be renewed (or made permanent) if Congress wants that particular effect not to run out. They act

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investing in two government pension plans. These and other measures would normally delay reaching the debt ceiling for about two months but, because of debate over the fiscal cliff, this might be extended if there is no change in the current laws.

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On January 31, 2013, the Senate approved the House passed debt limit bill (H.R. 325) known as No Budget, No Pay Act of 2013 in a 64-to-34 vote. The legislation extends the current borrowing cap of $ 16.4 trillion through at least May 18, 2013.

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2013). This would amount to a net total of $ 560 billion, roughly half the $ 1.2 trillion FY2011 deficit. The White House estimates that a family of four with an income of $ 50,000 to $ 85,000 would pay an additional $ 2,200 in federal taxes.

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introduced the President's authority to raise the country's borrowing limit as a part of his first formal proposal. Although not strictly part of the fiscal cliff, the current debt-ceiling will also expire around the end of the year, unless

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sequestrations do not occur. Both scenarios would have allowed the federal unemployment benefits and the 2% FICA payroll tax cut to expire. Both would have implemented the original caps on discretionary appropriations contained in 2011's

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couples); an increase in estate taxes relative to 2012 levels on estates over $ 5 million; and expiration of payroll tax cuts (a 2% increase for most taxpayers earning under approximately $ 110,000). None of these changes would expire.

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Gleeson, Michael M.; McPherson, Lindsey M. (November 30, 2012). "2012 TNT 231–3 Republicans Call Administration's Fiscal Cliff Plan 'Unreasonable'. (Section 1 – Individual Tax) (Release Date: November 29, 2012) (Doc 2012-24491)".

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decided to become part of the negotiations. When reporters asked Senator Reid if negotiations were continuing, Reid said "Talk to Joe Biden and McConnell," which signified that negotiations between Reid and Senator McConnell have

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U.S. federal debt from 1940 to 2022. The right side of the diagram projects what would happen to the debt if Congress (a) allowed the "cliff" laws to take effect and reduce the deficit (the baseline) or (b) extended the existing

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Strictly speaking, the United States went over the cliff in the first minutes of the New Year because Congress failed to produce legislation to halt $ 600 billion of tax hikes and spending cuts that start kicking in on January

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Late December 31, 2012: An unnamed source in the Obama administration reported that a temporary deal had been reached that would delay harsh spending cuts by two months, postponing the potential "falling off" to at least March

2399:, (D-Nev.), prevented the vote. Reid's reported reasons was that the Russian trade bill "is to protect American jobs" and "there is no Geithner proposal." McConnell said he would introduce the bill as "a stand-alone vote." 2086:

discussed above. This increases the deficit estimate to $ 4,571 billion. While ATRA would reduce short-term economic impact due to the cliff, it would slow long-term growth relative to the lower deficit Baseline scenario.

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would have been a more appropriate analogy because while the cumulative economic effect over all of 2013 would be substantial, it would not have been felt immediately but rather gradually as the weeks and months went by.

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For example, according to the CBO Historical Tables, defense spending (including overseas contingency operations for the wars in Iraq and Afghanistan) grew from $ 295 billion in 2000 to $ 700 billion in 2011, an annual

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debt and interest for the next decade and beyond. Future deficits would be reduced from an estimated 8.5% of GDP in 2011 to 1.2% by 2021. Revenues would rise towards 24% GDP, versus the historical average 18% GDP.

6280: 5476:"The American Taxpayer Relief Act of 2012 (ATRA) as Passed by the Senate Major Individual Income Tax and Estate Tax Provisions Excludes Certain Business Extenders and other Provisions Baseline: Patched 2012 Law" 2266: 750: 595: 2044:

A phase-out of tax deductions and credits for incomes over $ 250,000 for individuals and $ 300,000 for couples was reinstated. Limits on deductions had existed before the Bush tax cuts, and had disappeared in

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August 7, 2012: Obama signed the Sequestration Transparency Act of 2012, which directed his administration to detail in 30 days how they plan to implement the automatic cuts mandated by the Budget Control

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December 20, 2012: "Plan B" was pulled from consideration in the House because the Republican leadership could not find enough votes to pass the legislation. This was seen as a defeat for Speaker Boehner.

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November 16, 2012: President Obama met with Republican and Democratic congressional leaders to discuss the fiscal cliff and to try to come up with their initial plans immediately after the Thanksgiving

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in 2010. In 2011, the term started to be used to refer to the point at which tax cuts would expire, and spending cuts would be triggered, that would have occurred in 2013 under a fiscal-cliff scenario.

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Gleeson, Michael M. (November 29, 2012). "2012 TNT 230–1 Hatch Supports Modifying Expenditures to Raise Revenues. (Section 1 – Individual Tax) (Release Date: November 28, 2012) (Doc 2012-24341)".

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December 29, 2012: Reid and McConnell proposed various plans to avert the fiscal cliff, but confidential sources say both Senators "were still far apart from a deal." For the Senators' positions, see

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alternative baseline) was the "current policy" baseline, which represented the avoidance of the tax increases and spending cuts. The orange line (February 2013 baseline) was the post-ATRA result.

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warned that the threat of "going over the fiscal cliff" could weaken the U.S. economy later in 2012. The IMF also reduced its projection for U.S. growth in 2013 from 2.4 to 2.25 percent of GDP.

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December 17, 2012: According to media reports, various proposals were exchanged between President Obama and House Speaker Boehner to deal with the fiscal cliff. These included: changing the

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told CNBC that the Obama Administration is "absolutely" willing to go over the fiscal cliff if Republicans refused to back off from their opposition to raising rates on wealthier Americans.

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The afternoon of January 1 it was reported that House Republicans had expressed "anger" over the Senate-passed deal, potentially jeopardizing its passage. The House nonetheless passed the

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under the alternative fiscal scenario occurs because, CBO expects, a significant part of the decrease in taxes (relative to those under current law) would be saved rather than spent."

3224: 2295:, which extended the following provisions until December 31, 2012: the 2% Social Security payroll tax cut, federal unemployment benefits and the freeze on Medicare physician payments. 845: 4146: 3958: 1365:

was based on the President's 2013 budget proposal, which Republicans say was rejected unanimously in both the House and the Senate earlier in 2012. In March, House Minority Leader

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The baseline projection (if Congress took no action and the cliff occurred): This scenario would have lower deficits and debt but would also have lower spending and higher taxes.

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Many experts have argued that the U.S. should avoid the fiscal cliff while taking steps to bring the long-term deficit and debt trajectory under control. For example, economist

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Gleeson, Michael M. (November 2012). "2012 TNT 212-3 SENATE EFFORT TO AVERT 'FISCAL CLIFF' FACES INSTITUTIONAL OBSTACLES. (Release Date: OCTOBER 24, 2012) (Doc 2012-22032)".

4066: 4366: 3614: 2511:. Various elected U.S. officials said they are concerned how the fiscal cliff negotiations will impact their reelection campaigns and the public image of the U.S. Congress. 5999:

Gleeson, Michael M. (December 3, 2012). "2012 TNT 232–7 Legislative Outlook: Fiscal Cliff Will Dominate Coming Week. (Release Date: November 30, 2012) (Doc 2012-24647)".

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December 18, 2012: Speaker Boehner announced that the House would vote on a "Plan B", which would raise tax rates on people earning more than a million dollars a year.

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When Congress returns the week of November 26, President Obama and congressional leaders are expected to meet again to discuss a plan for addressing the fiscal cliff.

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announced that it will begin a series of measures, similar to the ones taken in the summer of 2011, to delay exceeding the current 16.4 trillion dollar debt ceiling.

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funding the federal government. The bill also included a provision that would delay the salaries of Congressmen of any house that had not passed a resolution on the

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Congressional rules allow bills to skip committee hearings, but the group lacks the clout to "push its plan through Congress outside the regular order of business."

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The CBO reported in November 2012 the economic and employment effects of various policy options related to the cliff. Each option has a different GDP and employment

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As of November 30, 2012, Obama was calling for an undeclared amount of spending cuts, $ 1.6 trillion in higher taxes over ten years, and cuts of $ 400 billion from

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deployment, which marked an end to the policy of keeping two carriers in the Persian Gulf region. Sequestration would also delay plans to equip F-35 fighters with

314: 231: 4681: 1116:

The alternative fiscal scenario (another option in which some laws are changed): This would have had higher deficits and debt but lower taxes and higher spending.

5405: 1639: 429:

refers to the combined effect of several previously-enacted laws that came into effect simultaneously in January 2013, increasing taxes and decreasing spending.

329: 192: 5475: 1083:

Although European companies and investors will hardly see any direct taxation effects, corporate taxation of their U.S. subsidiaries may change significantly.

412: 324: 304: 6576: 6384: 1153:

1.1%. This would mean a high probability of recession (a 1.3% GDP contraction) during the first half of the year, followed by 2.3% growth in the second half.

7352: 6673: 5819: 4607:

McPherson, Lindsey (November 26, 2012). "2012 TNT 227–6 Legislative Outlook: Fiscal Cliff Talks Resume. (Release Date: November 23, 2012) (Doc 2012-24091)".

746: 3652: 6903: 2588: 2292: 2073:

Some portions of the farm bill that had expired in September were extended for nine months, but without changes supported by dairy farmers and legislators.

796: 779: 619: 3166: 1574:(CBO) estimated in August 2012 that if the patch were not implemented, federal revenues would rise by a total of $ 864 billion over the 2013–2022 period. 5347: 3370: 3279: 1506: 5687: 956:

In May 2013, Army Chief of Staff Gen. Ray Odierno warned that the lack of training in 2013 due to sequestration had already impacted on Army readiness.

452:

to pass a federal budget. Discretionary spending for federal agencies and cabinet departments would have been reduced through broad cuts referred to as

2060:

Some tax credits for poorer families were extended for five years, including ones for college tuition and an expansion of the Earned Income Tax Credit.

263: 7207: 5290: 4716: 2836:

The bill was not posted online 24 hours ago. But perhaps he can be forgiven since the U.S. technically went over the "Fiscal Cliff" in those 24 hours.

7405: 6465: 5977: 343: 6519: 6417: 5219: 3425: 2339:

that would pay for the day-to-day running of the government until the end of March 2013. This does not affect the fiscal cliff or the debt-ceiling.

1144:

The total deficit reduction or debt avoidance over ten years would have been as much as $ 7.1 trillion, versus the projected $ 10–11 trillion debt

111: 5954: 2508: 2270: 603: 468:

the fiscal cliff were projected to produce a 19.63% increase in revenue and a 0.25% reduction in spending between fiscal years 2012 to 2013. The

6134: 4832: 6015: 5575: 3700: 319: 309: 299: 5167: 1273: 512:

signed it into law the next day. However, the budget sequestration was only delayed and the debt ceiling was not changed, thus triggering the

5669: 3911: 7061: 6228: 1121:

rates in place and postponing or preventing the spending cuts, the next decade would more closely resemble the alternative fiscal scenario.

4699: 1456: 899:

has also argued that significant cuts to programs included under non-defense discretionary spending would harm low-income families deeply.

4663: 4143: 3730: 7410: 6792: 4907: 4553: 4074: 3962: 3774: 2584: 2285: 638: 236: 7093: 6931: 5714: 4009: 2823: 2636:; if the deficit is increased above the debt ceiling then that debt must be authorized in what has historically been a separate process. 949:

that were preventing the Pentagon from making sensible budget reductions and therefore forcing furloughs of defense civilian employees.

7033: 5552: 5007: 2259: 1570:(AMT). The patch prevents the AMT from affecting many more taxpayers. This is similar to what Congress has done in previous years. The 792: 405: 7304: 6098: 5055: 4774: 867:

totaled $ 1,278 billion: budget authority of $ 712 billion for defense and funding totaling $ 566 billion for non-defense activities.

4040: 3808: 2223: 2212: 1605: 1488: 1438: 634: 513: 294: 209: 7119: 5768: 959:

The sequestration mandated cuts in drug enforcement are expected to result in a doubling of cocaine imports into the United States.

6199: 5625: 5527: 2984: 1297:

was approximately $ 11.053 trillion as of July 2012, the public debt will climb by the end of FY2013 to either $ 11.664 trillion.

945:

However should sequestration come into effect, it would simply reduce defense spending to the inflation adjusted cold war average.

146: 3398: 1369:

said that the bill proposed by House Republicans for a vote "was a caricature of the President's budget, so we voted against it."

871:

levels. Increases in discretionary spending from 2013 to 2021 would be about 1.5% annually, significantly below the prior decade.

649:

more taxpayers would pay more unless some legislation was passed (as was done in 2007) that affects the exemptions retroactively.

6488: 5851: 3622: 3467: 2048:

Estate taxes were set at 40% of the value above $ 5,000,000, an increase from the 2012 rate of 35% of the value over $ 5,120,000.

1566:, outlined the effects of the fiscal cliff and said that the IRS is working under the assumption that Congress would "patch" the 550:

has been used in the past to refer to various fiscal issues. The term started being used in the context of the expiration of the

287: 121: 6644:

McPherson, Lindsey; Gleeson, Michael M. (December 18, 2012). "Boehner Offers to Increase Top Tax Rate as Negotiations Heat Up".

4933: 3192: 2765: 2504:

to create a last minute agreement. Boehner stated the House of Representatives "would act on whatever the Senate could produce."

6854: 4344: 2350: 1646: 1408: 502: 365: 278: 273: 268: 226: 216: 7309: 7264: 6954: 6440: 6043: 3564:"So What Is "Sequestration"? And More Importantly, What Do These Spending Cuts Mean for Hard-Working and Low-Income Families?" 3306: 2413:

December 15, 2012: In confidential talks, Boehner proposed an increase in tax rates for those who earn over a million dollars.

2324:

pushed Congress to avoid the fiscal cliff, warning that a failure to do so will further dampen the sluggish economic recovery.

1197:

The CBO has identified the following metrics for its baseline and alternative scenarios for the period starting January 2013:

879:

of 8.2%. Non-defense discretionary spending grew at a 6.6% annual rate during that time, from $ 320 billion to $ 646 billion.

487:

billion decline in the 2013 deficit over 2012, rather than the sharp $ 487 billion decrease projected under the fiscal cliff.

7395: 7321: 5745: 3984: 3136: 2051:

Changes were made to the alternative minimum tax to index it to inflation, to avoid its application to middle-class families.

398: 7158: 6736: 5108: 3752: 1264:

Consideration of these scenarios and other options leads to what the CBO calls "a broad spectrum of fiscal policy choices."

652:

The fiscal cliff was finally eliminated at the very last minute during late-night and early-morning sessions of Congress on

464:, federal pay (including military pay and pensions) and veterans' benefits would have been exempted from the spending cuts. 3838: 2540: 2533: 2464: 2222:

the debt limit. The move was seen as an attempt to delay a showdown on the debt limit given their experience with the 2011

2018: 2012: 480: 169: 126: 5082: 7390: 5339: 3434: 3275: 2921: 570:

he described that "a massive fiscal cliff of large spending cuts and tax increases" would take place on January 1, 2013.

34: 7347: 6612: 5387: 4426: 1353:

intact non-defense cuts; or 2) excludes an increase in tax rates for top earners. Obama wants to continue to extend the

7400: 5874: 4884: 3247: 2546:

Late on January 2, 2013, Obama signed into law the official copy of the bill that Congress had passed the previous day.

2417: 2303: 645:

imposed new taxes on families making more than $ 250,000 a year ($ 200,000 for individuals) starting at the same time.

567: 131: 5193: 1283:(which ended on September 30, 2012) will be $ 1.171 trillion. The CBO also estimated that the total reductions to the 4582: 2262:. One of this law's provisions is to impose new taxes on families making $ 250,000 per year or more starting in 2013. 2242: 1290:

deficit by letting current laws take effect (which increase taxes and reduce spending) would be about $ 560 billion.

1284: 1277: 141: 5479: 5361: 3589: 2057:

Federal unemployment benefits were extended for a year without a budget offset elsewhere, at a cost of $ 30 billion.

6685: 6586: 6394: 6251: 3567: 3363: 3130: 2886: 2701: 2694: 2543:(H.R. 8) that evening with two thirds of the supporting votes coming from Democrats and one third from Republicans. 2380: 2376: 2064: 1563: 1539: 1525: 1510: 1492: 1474: 1460: 1442: 1424: 1349:

all by 45–54. The U.S. House of Representatives rejected, 170–257, the President's tax proposal on August 1, 2012.

1161: 942:

that have been upgraded to JDAM levels of accuracy to give these tactical nuclear weapons strategic effectiveness.

896: 805: 771: 678: 7238: 6877: 5267: 2893: 1658:

fellow, argued that lawmakers should seek long-term stability by rejecting short-term fixes and "grand bargains."

934:. The looming cuts have already impacted national security strategy with the February 6, 2013 cancellation of the 6296:

I have just confirmed that this is accurate – Obama is willing, albeit very reluctant, to go over the cliff.

5617: 3041: 1073: 457: 174: 6818: 3563: 476:

with higher unemployment in 2013, followed by strengthening in the labor market with increased economic growth.

5501: 1633:

recommended that the U.S. focus on employment in the short-run, rather than the deficit. Federal Reserve Chair

927: 506: 256: 7315: 4530: 3674: 6908: 5691: 4806: 3860: 3070: 2227: 2070:

A pay freeze for members of Congress was extended, but the general pay freeze for government workers was not.

136: 3104: 2288:

did not produce bipartisan legislation, across-the-board spending cuts would take effect on January 2, 2013.

2237:

The May 18 deadline is after the March 1 deadline for the sequestration, and the March 27 expiration of the

607: 7215: 7181: 6523: 4747:"Congressional Budget Office-An Update to the Budget and Economic Outlook-August 2012-Table 1.5 on Page 18" 4724: 2734: 2599:) that have had their expenditures written into their "enabling acts"; that is, the acts that created them. 449: 116: 106: 74: 5613: 2579:

Discretionary spending is that part of the federal budget that Congress generally controls through annual

2529:

At 12:01 am EST on January 1, 2013, the United States of America "technically" went over the fiscal cliff.

2514:

December 30, 2012: Because Senate leaders could not produce a fiscal cliff agreement deal, Vice President

2479: 671:

CBO projections of the sources of deficit reduction in the FY2013 budget, not counting economic feedback.

6527: 6267:

According to senior administration officials, Obama is not eager to go over the cliff, but he is willing.

5453: 5427: 4959: 4753: 4508: 4482: 4456: 4405: 4315: 4281: 4227: 4198: 3541: 3512: 3341: 2673: 2310: 1571: 1106: 876: 824: 469: 6358: 3444: 1638:

deficit over time. He recommended the adoption of ideas from deficit panels such as Domenici-Rivlin and

7285: 6979: 5601: 5030: 2616: 2556: 2488: 2281: 860: 850: 841: 761: 710: 630: 539: 445: 441: 204: 91: 6550: 2794: 2473: 2388:

called a proposal "magic beans and fairy dust" or when Boehner called a proposal a "La-La Land offer."

529: 3440: 2580: 2468: 1383: 361: 30: 5673: 4274: 2592: 2438: 1361: 623: 248: 164: 5610: 5242: 3937: 1403:

The "Gang of Eight" referred to a group of eight leaders of each of the two parties from both the

1382:

Medicare eligibility age from 65 to 67 and slowing increases in Social Security costs by reducing

1076:. Households at the top income level are most affected by the income tax and the tax increases on 7060:

Raju, Manu; Carrie Budoff Brown; John Bresnahan; Steven Sloan; Jake Sherman (December 29, 2012).

6741: 5580: 3403: 3311: 2739: 2650:

the primary purpose of avoiding the fiscal cliff, either increasing spending or decreasing taxes.

1655: 1567: 611: 5795: 4220: 2496:

Late December 28, 2012: Speaker Boehner and President Obama turned negotiations over to Senator

1340: 2596: 614:(AMT) for tax year 2011. This act also authorized a one-year reduction in the Social Security ( 62: 4627:

Weisman, Jonathan (December 5, 2012). "G.O.P. Looks for Fallback To Avoid a Fiscal Standoff".

3396: 2522:

Early December 31, 2012: According to confidential reports, negotiations were proceeding well.

2472:

H.R. 6684, the Spending Reduction Act of 2012, would prevent the scheduled sequestration cuts.

1357:

for American couples earning less than $ 250,000 and individuals earning less than $ 200,000.

7364: 7343:

CBO – Economic Effects of Reducing the Fiscal Restraint Scheduled to Occur in 2013 – May 2012

7007: 5722: 4429:. U.S. Department of the Treasury, Bureau of the Public Debt. July 1–31, 2012. Archived from 4017: 2448:

and returns to Washington D.C. in a last-chance attempt at a deal regarding the fiscal cliff.

2336: 2238: 2026: 2021:, by a margin of 89–8. The bill faced uncertain prospects in the House of Representatives as 444:

also came into play. That Act was passed as a compromise to resolve a dispute concerning the

384: 4167: 2460: 2346:

September 14, 2012: Obama released a 400-page report listing his proposal for spending cuts.

1109:

provided policy-makers with projections of two fiscal scenarios for the years 2013 to 2022:

566:, popularized the term "fiscal cliff" for the upcoming reduction in the deficit. Before the 6878:"Fiscal Cliff Tax Hikes Are Not the Only Scary Thing That Could Happen to You on January 1" 3397:

Leiter, David J.; Rabinovitz, Jeremy; ML Strategies; Martin, R. Neal (September 13, 2012).

1478: 1404: 1344:

Democratic and Republican leaders meet in late November as part of the fiscal cliff debate.

757: 731: Other changes (mostly revenue, primarily reflecting economic growth): $ 105B (17.30%) 563: 498: 453: 5315:"Top House GOP Leader Eric Cantor Comes Out in Opposition to Senate Bill to Avert 'cliff'" 4044: 918:

The military has already cut spending in anticipation of sequestration. Defense Secretary

8: 6769: 6713: 6335: 5323: 4837: 4649: 4257: 3593: 2620: 2515: 903: 700: 642: 437: 374: 4340: 3615:"Sequester's A Nightmare But Year-Long CR Is Just As Bad: SecNav Mabus, Under Sec. Work" 2851: 2483:

H.R. 15, the House-passed Middle Class Tax Cut Act, mirrors the Senate-passed bill with

1378:

in foregone tax revenue plus another $ 440 billion for interest and debt service costs.

1176: 785:

Expiration of the 2% Social Security payroll tax cut, most recently extended by MCTRJCA;

7328:

CBO Infographic – Fiscal Tightening in 2013 and Its Economic Consequences – August 2012

7153: 7014: 6762: 6709:"Boehner's, Obama's Potential 'Fiscal Cliff' Concessions Draw Fire from Left and Right" 5136: 4988: 4983: 4629: 3375: 3252: 3141: 2898: 2706: 2463:, the Job Protection and Recession Prevention Act of 2012 (which was later renamed the 1190: 1069: 931: 859:

The spending reduction elements of the fiscal cliff are primarily contained within the

4312:"Economic Effects of Reducing the Fiscal Restraint That Is Scheduled to Occur in 2013" 3885: 2818: 2816: 7356: 4121: 2314: 1502: 1420: 1310: 657: 653: 591: 501:

passed this compromise bill by an 89–8 margin. At about 11 pm that evening, the

494:

At 12:01 am EST on January 1, 2013, the US "technically" went over the fiscal cliff.

86: 5220:"We Agree with Carlyle Group Report: "Worse Fates than Walking off the Fiscal Cliff" 7012:; Nixon, Ron (December 29, 2012). "Senate Leaders Start to Create Tax Compromise". 6819:"Obama Calls Leaders for Friday Talks in Effort to Reach Fiscal Cliff Breakthrough" 6677: 6164:"Surprise: McConnell Offers Vote on Obama/Geithner Fiscal Cliff Plan, Reid Objects" 5690:. The United States National Library of Congress. February 22, 2012. Archived from 5318: 4668: 3197: 3161: 2813: 2403: 2368: 1600: 1559: 1294: 939: 242: 4341:"Misguided 'Fiscal Cliff' Fears Pose Challenges to Productive Budget Negotiations" 3010: 2591:. This is as opposed to mandatory spending: those "self-funded" programs (such as 767:

Reversion of the Alternative Minimum Tax thresholds to their 2000 tax year levels;

7369: 7360: 7059: 5343: 4150: 3801:"Council Worries 100K Shipbuilding Jobs At Risk; Sequestration Killed GDP Growth" 3509:"Testimony Before the Joint Select Committee on Deficit Reduction, U.S. Congress" 2561: 2532:

At around 2 am on January 1, 2013, the Senate passed a compromise bill, the

2501: 2392: 2017:

At around 2 am on January 1, 2013, the Senate passed a compromise bill, the

1596: 1583: 1470: 1077: 440:, were scheduled to expire on December 31, 2012. Planned spending cuts under the 369: 5388:"'Active financing' exemption for some businesses to cost taxpayers $ 9 billion" 2267:

Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

1411:

that formed in November 2012 in hopes of forging a bipartisan compromise on the

751:

Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

596:

Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

5824: 5643: 5576:"Financial Services Law – Legislative and Regulatory Update - February 4, 2013" 4778: 4557: 4371: 3078: 3014: 2956: 2602:

education, veterans' benefits, public health and the administration of justice.

2361: 2063:

The Medicare "doc fix", suspending a decrease in physician payments due to the

1535: 6904:"'Fiscal cliff': Finger-Pointing Furiously, Congress Slouches Toward Deadline" 6507:

year and try really, really hard to do fundamental tax and entitlement reform.

5638: 5336: 4479:"CBO – August 2012 Update to Long-Term Budget Outlook – Table 1 – August 2012" 4430: 4096: 3912:"A Pentagon Budget Primer, Leading to Two Questions for the Defense Secretary" 3283: 2217:

The sequestration fight was then expected to occur during negotiations over a

1105:

While Congress was debating actions to take to mitigate the fiscal cliff, the

1091: 7384: 7009: 6441:"Fiscal Cliff: John Boehner Tells Republicans Not To Make Plans For Holidays" 6070:"House Republicans respond to President Obama with fiscal cliff counteroffer" 3221:"Statement from Co-Chairs of the Joint Select Committee on Deficit Reduction" 2274: 1650: 1354: 811:

Some lawmakers had intended to attach a bipartisan extension to the expiring

599: 551: 535: 433: 199: 7117: 2402:

December 5, 2012: Confirming leaks from the White House, Treasury Secretary

618:) employee-payroll tax. The reduction was extended for the 2013 year by the 7374: 6823: 5852:"Report confirms feds would feel the effects of sequestration – Management" 4248: 2364:(R-Utah), supported "modifying tax expenditures as a way to raise revenue." 2332: 2321: 2299: 2255: 1634: 1630: 1521: 1464: 1412: 1366: 919: 719: Expiration of federal emergency unemployment insurance: $ 26B (4.28%) 559: 509: 4717:"Richard Cowen-Washington Embroiled in U.S. Fiscal Cliff Debate-July 2012" 3701:"USAF Issues Hiring Freeze, IT Buy Delay Directive Ahead of Sequestration" 2467:), would extend the expiring 2001 and 2003 Bush-era tax cuts for one year. 472:(CBO) had estimated that the fiscal cliff would have likely caused a mild 7146: 6765:"Obama calls on Congress to craft at least a minimal 'fiscal cliff' deal" 6763:

Ed O'Keefe, Zachary A. Goldfarb and Lori Montgomery (December 21, 2012).

6577:"On entitlements, Republicans are ready to take any victory they can get" 5978:"John Boehner, Tim Geithner trade blame for stalled 'fiscal cliff' talks" 3399:"Legislative Update: Congress Returns for Final Session Before Elections" 3338:"An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022" 2022: 1452: 7118:

Alan Fram; Julie Pace; Robert Burns; Josh Lederman (December 31, 2012).

6128: 6126: 6124: 6122: 6120: 5875:"Under pressure from Romney, Obama says military sequester won't happen" 5820:"Letter from the President regarding the Sequestration Transparency Act" 5621: 4453:"Economic Effects of Policies Contributing to Fiscal Tightening in 2013" 2670:"Economic Effects of Policies Contributing to Fiscal Tightening in 2013" 1124: 7337: 7332: 7031: 6613:"Fiscal Cliff Talks: Speaker John Boehner Pitches Millionaire Tax Hike" 6185: 6183: 6181: 5449: 4746: 4686: 4682:"Obama's Budget Was a Flop Among Both Parties, Says Kelly Ayotte, R-NH" 4311: 4194: 3537: 3508: 2632:

This is because the debt ceiling is not a factor in the budget process

2497: 2396: 2385: 2328: 2218: 1484: 1434: 812: 5406:"From NASCAR to rum, the 10 weirdest parts of the 'fiscal cliff' deal" 4986:(December 13, 2012). "Fed Ties Rates To Joblessness; 6.5% Is Target". 737:

A number of laws led to the fiscal cliff, including these provisions:

622:, which also extended federal unemployment benefits and the freeze on 7236: 6646: 6281:"White House willing to go over fiscal cliff if absolutely necessary" 6117: 5955:"'Fiscal cliff' negotiations may change cherished mortgage deduction" 5056:"U.S. Treasury to Take Steps to Avoid Hitting Debt Ceiling on Monday" 4609: 4586: 3472: 3045: 2891: 1587:

consequences, and the economy will most likely return to recession."

923: 911: 473: 379: 7182:""Fiscal cliff" deal reached between White House, lawmakers: source" 6707:

Helderman, Rosalind S.; Helderman, Rosalind S. (December 18, 2012).

6458: 6309: 6178: 4452: 788:

Expiration of federal unemployment benefits, as extended by MCTRJCA.

725: Reduction in Medicare payment rates for doctors: $ 11B (1.81%) 7342: 7327: 7289: 7147:

Jonathan Weisman; Robert Pear; John M. Broder (December 29, 2012).

7066: 7038: 6850: 6681: 6617: 6581: 6493: 6389: 6223: 6221: 6219: 6217: 5898:"Both sides appear upbeat on opening round of 'fiscal cliff' talks" 5796:"OMB Report Pursuant to the Sequestration Transparency Act of 2012" 5773: 5670:"Debt-Ceiling Deal: President Obama Signs Bill as Next Fight Looms" 5423: 5141: 5059: 4955: 4504: 4478: 4401: 3985:"Pentagon reconsidering civilian furloughs in light of new funding" 3337: 2961: 2925: 2669: 1599:

became involved in the fiscal cliff debate when Treasury Secretary

1543: 1529: 1514: 1446: 1428: 461: 6357:

Cass, Connie; Jim Kuhnhenn; Jennifer Agiesta (December 12, 2012).

5895: 5573: 4505:"CBO-Cost Estimate for H.R.8 American Taxpayer Relief Act of 2012" 3645:"DoD Seeks Budget Flexibility if 2013 Appropriation Fails To Pass" 846:

United States Congress Joint Select Committee on Deficit Reduction

505:

passed the same legislation without amendments by a 257–167 vote.

7211: 7032:

Raju, Manu; Everett, Burgess; Sloan, Steven (December 30, 2012).

6796: 6554: 5718: 4720: 3157:"Fiscal Cliff, or Fiscal Slope? Lots of Names for Year-End Event" 3108: 2985:"Walter H. Stern, Who Coined the Term 'Fiscal Cliff,' Dies at 88" 1165: 775: 6356: 6214: 6157: 6155: 2759: 2757: 2302:

popularized the term "fiscal cliff" in his testimony before the

7324:

An analysis from the Committee for a Responsible Federal Budget

7205: 6706: 5896:

Lori Montgomery & Zachary A. Goldfarb (November 16, 2012).

5270:. Committee for a Responsible Federal Budget. December 18, 2012 2950: 2948: 2946: 2944: 2942: 2792: 2445: 436:

of 2001 and 2003, which had been extended for two years by the

7348:

Moody's Analytics – Fiscal Cliffs and Ceilings – November 2012

6037: 6035: 6033: 5553:"Legislative Notice: H.R. 325 – No Budget, No Pay Act of 2013" 4367:"The President's Proposal to Extend the Middle Class Tax Cuts" 4041:"Comptroller: Budget Crisis Threatens Severe Readiness Impact" 2702:"Senate Passes Legislation to Allow Taxes on Affluent to Rise" 7090:"U.S. Senate leaders work to avoid New Year's 'fiscal cliff'" 6152: 4859: 4857: 4855: 4576: 4574: 2754: 1496: 6983: 6790: 6643: 6418:"Can A 'Fiscal Cliff' Deal Be Both In And Out Of Reach? Yes" 5936: 5268:"Fiscal Cliff Watch: White House and GOP Make Counteroffers" 5102: 5100: 3886:"Additional Delays Expected in B61-12 Nuclear Bomb Schedule" 3371:"Recession Possible If Impasse Persists, Budget Office Says" 2939: 2054:

The two-year-old cut to payroll taxes was allowed to expire.

7237:

Steinhauer, Jennifer; Weisman, Jonathan (January 1, 2013).

6135:"Reid blocks Senate vote on Obama's deficit-reduction plan" 6092: 6090: 6030: 5837: 5655: 5243:"Knudsen: What Congress should do about the 'fiscal cliff'" 4804: 4583:"Fiscal cliff: Next president's first big problem to solve" 4383: 4134:

Interactive tool; you can adjust to fit your circumstances.

3074: 2892:

Steinhauer, Jennifer; Weisman, Jonathan (January 1, 2013).

2857:. Great West Financial Retirement Services. January 4, 2013 687: Expiration of 2% FICA payroll tax cut: $ 95B (15.65%) 615: 6955:"India Markets Weekahead: All eyes on U.S. 'fiscal cliff'" 6439:

McAuliff, Michael; Bendery, Jennifer (December 12, 2012).

6272: 5930: 4885:""Gang of Eight" to meet in attempt to avoid fiscal cliff" 4852: 4571: 3775:"United States of Crisis Seen Costing Jobs, Wasting Money" 3431:

Database of State Incentives for Renewables and Efficiency

2793:

Rachelle Younglai & Thomas Ferraro (January 1, 2013).

1086: 7179: 6574: 6551:"Both sides hint at renewed talks on U.S. "fiscal cliff"" 6192:"Harry Reid Denies Senate Chance to Vote on Obama's Plan" 5574:

Rosenstock, Jason M.; Matousek, Abby (February 5, 2013).

5528:"House Votes to Extend Debt Limit to May, Averting Fight" 5097: 4554:"House Rejects Obama's Proposed Tax Boost on Top Earners" 4402:"Fiscal Tightening in 2013 and Its Economic Consequences" 4364: 4253:"Why Doing Nothing Yields $ 7.1 Trillion in Deficit Cuts" 4192: 4067:"Army Readiness 'is degrading significantly' Chief Warns" 3225:

U.S. Congress Joint Select Committee on Deficit Reduction

3105:"Highlights: Bernanke's Q&A Testimony to House Panel" 2922:"Obama Signs Fiscal Crisis Deal from Hawaii with Autopen" 1317: 743:

Economic Growth and Tax Relief Reconciliation Act of 2001

602:

for an additional two years (until January 1, 2013) and "

7088:

Cowan, Richard; Younglai, Rachelle (December 30, 2012).

6932:"Lawmakers Say Time Short to Reach Deal on Fiscal Cliff" 6310:"Geithner: Ready to Go Over 'Cliff' If Taxes Don't Rise" 6087: 5362:"Tax Bill Passed by Senate Includes Farm Bill Extension" 5168:"Krugman:Jobs, not fiscal cliff, is real danger to U.S." 5106: 4531:"Senate passes Democratic tax plan, rejects GOP version" 4445: 3538:"Budget and Economic Outlook: Fiscal Years 2011 to 2021" 3531: 3529: 3098: 3096: 3042:"Bernanke Warns of Fiscal Cliff as Fed Lowers Forecasts" 6982:. Beta.congress.gov. September 10, 2012. Archived from 6575:

Nather, David; Haberkorn, Jennifer (December 9, 2012).

6432: 6243: 5050: 5048: 5001: 4999: 4195:"Updated Budget Projections: Fiscal Years 2012 to 2022" 2957:"Who, What, Why: Who First Called It a 'Fiscal Cliff'?" 2006: 1267: 741:

Expiration of the Bush tax cuts enacted as part of the

663: 7180:

Jeff Mason & Mark Felsenthal (December 31, 2012).

6793:"Treasury Unveils Plan to Buy Time under Debt Ceiling" 6480: 5915: 5688:"Bill Summary & Status 112th Congress (2011–2012)" 5478:. Taxpolicycenter.org. January 1, 2013. Archived from 5291:"CHART: All the fiscal cliff offers and counteroffers" 5083:"Gates: Military cuts will threaten national security" 5006:

Burlij, Terence; Katelyn Polantz (November 30, 2012).

4775:"Republicans counter Obama plan with entitlement cuts" 4144:"The Looming U.S. Fiscal Cliff: What CFOs Should Know" 3227:(via deficitreduction.gov, a website of the committee) 2913: 2824:"Live Updates: House Will Vote on 'Fiscal Cliff' Deal" 1133:, such as keeping tax cuts in place (the alternative). 7206:

Rachelle Younglai; Thomas Ferraro (January 1, 2013).

6784: 6097:

Burlij, Terence; Katelyn Polantz (December 6, 2012).

6096: 6014:

Burlij, Terence; Katelyn Polantz (December 3, 2012).

6013: 5992: 5715:"IMF urges U.S. to remove 'fiscal cliff' uncertainty" 5005: 4934:"IRS: No AMT patch would cause chaotic filing season" 4620: 4600: 4395: 4393: 3526: 3502: 3500: 3498: 3496: 3494: 3492: 3490: 3193:"Tax Cut Extension Bill Wends Its Way to White House" 3093: 2894:"House Nears Vote on Senate Deal, Despite Objections" 760:") to most discretionary programs as directed by the 747:

Jobs and Growth Tax Relief Reconciliation Act of 2003

7239:"G.O.P. Anger Over Tax Deal Endangers Final Passage" 6847:"U.S. Poised to Go Off 'Fiscal Cliff': Senator Reid" 6791:

Yukhananov, Anna; Lange, Jason (December 26, 2012).

6549:

Ferraro, Thomas; Cowan, Richard (December 6, 2012).

6512: 6099:"Obama, Boehner Resume Fiscal Talks With Phone Call" 5137:"Ben Bernanke pushes Congress to avoid fiscal cliff" 5045: 5008:"Republicans Unhappy With Latest Fiscal Cliff Talks" 4996: 4645:"Did Obama Pull a Bait-and-Switch on Tax Increases?" 3154: 2293:

Middle Class Tax Relief and Job Creation Act of 2012

797:

Health Care and Education Reconciliation Act of 2010

780:

Middle Class Tax Relief and Job Creation Act of 2012

620:

Middle Class Tax Relief and Job Creation Act of 2012

7338:

CBO – Choices for Deficit Reduction – November 2012

7333:

CBO – The 2012 Long-Term Budget Outlook – June 2012

7208:"Senate approves 'fiscal cliff' deal, crisis eased" 7120:"Progress seen in last-minute 'fiscal cliff' talks" 7027: 7025: 6639: 6637: 6635: 6606: 6604: 6301: 6229:"Reid shoots down Obama/Geithner tax increase deal" 5946: 5348:

Clerk of the United States House of Representatives

4982: 4956:"CBO: Expiring Tax Provisions—August 2012 Baseline" 4863: 4805:Jill Jackson; Brian Montopoli (December 20, 2012). 3753:"Pentagon Slows Burn Rate As Budget Conflict Looms" 3459: 3426:"Renewable Electricity Production Tax Credit (PTC)" 3280:

Clerk of the United States House of Representatives

3035: 3033: 3031: 2732: 815:tax credit. Unlike the provisions above, this will 693: Other expiring tax provisions: $ 65B (10.71%) 7149:"Seesawing Talks Yield No Accord On Fiscal Crisis" 6667: 6665: 6663: 6661: 6611:Bresnahan, John; et al. (December 15, 2012). 5760: 5602: 4807:"House GOP pulls 'Plan B' as "fiscal cliff" looms" 4664:"Obama Gives a Bit on Taxes as Boehner Cries Foul" 4390: 3587: 3487: 3137:"Fiscal Cliff May Be Felt Gradually, Analysts Say" 2846: 2844: 2444:December 27, 2012: Obama cuts short a vacation to 6974: 6972: 6869: 6468:. The Inquirer Digital Edition. December 10, 2012 6376: 6350: 5521: 5519: 5211: 4626: 3861:"Navy paints dire picture of weakened U.S. fleet" 3590:"Why Sequestration Would Hit Republicans Hardest" 3561: 3331: 3329: 3212: 1304: 1241:Unemployment rate for October thru December 2013 7382: 7053: 7022: 6632: 6601: 4925: 4908:"What is the 'Gang of Eight' (and who's in it)?" 3304: 3071:"'Fiscal Cliff' May Make Europe Look Like a Dip" 3028: 2733:Hook, Janet; Hughes, Siobhan (January 1, 2013). 2360:November 28, 2012: Certain Republicans, such as 2226:, as well as the recent Democratic gains in the 930:which has proved vital in the fight against the 804:unemployment benefits and implementation of the 709: Spending cuts ("sequestration") under the 677: Expiration of tax cuts and the subsequent 7265:"House moves to avoid tumble over fiscal cliff" 7262: 7113: 7111: 7081: 7034:"Lawmakers fear voter backlash on fiscal cliff" 6946: 6700: 6658: 6568: 6542: 6438: 6044:"Obama signals flexibility on rate of tax hike" 5282: 5240: 5130: 5128: 5126: 4833:"Boehner to Hold Vote on Fiscal Cliff 'Plan B'" 4122:"Will your paycheck fall off the fiscal cliff?" 3675:"San Diego shipyards walloped by budget crisis" 3307:"House Moves to Avoid Tumble over Fiscal Cliff" 2841: 2795:"House Republicans balk at "fiscal cliff" deal" 7353:Fiscal Cliff: Options to Limit Tax Preferences 7312:A primer from the Council on Foreign Relations 7199: 7142: 7140: 7003: 7001: 6969: 6756: 6329: 6327: 6063: 6061: 5889: 5746:"Reid, Boehner announce stopgap spending pact" 5516: 5424:"H.R. 8, American Taxpayer Relief Act of 2012" 5165: 4800: 4798: 4796: 4662:Pianin, Eria; Boak, Josh (December 12, 2012). 4188: 4186: 4184: 3938:"DOD unlikely to cancel contracts for savings" 3368: 3326: 3245: 3039: 3008: 2639: 7322:Between a Mountain of Debt and a Fiscal Cliff 7087: 6810: 6359:"Fiscal Cliff: Why It's So Hard To Step Back" 5680: 5260: 4978: 4976: 4948: 4826: 4824: 4334: 4332: 3468:"Fiscal Cliff Threatens Wind Industry's Boom" 3248:"Winners and Losers in the Debt Limit Debate" 3218: 3064: 3062: 2291:February 22, 2012: Obama signed into law the 497:Around 2 am EST on January 1, 2013, the 406: 7305:The text of the H.R. 8 as of January 2, 2013 7173: 7108: 6902:Chaddock, Gail Russell (December 27, 2012). 6728: 6548: 5769:"Obama signs Sequestration Transparency Act" 5662: 5595: 5123: 4305: 4303: 4301: 4299: 4193:Anthony, Christina Hawley (March 13, 2012). 3418: 3355: 968:year, if the fiscal cliff had taken effect. 7137: 6998: 6895: 6839: 6409: 6324: 6058: 5639:"Tax Cuts, Unemployment Insurance and Jobs" 5631: 5161: 5159: 5080: 4905: 4830: 4793: 4365:National Economic Council (July 24, 2012). 4181: 3723:"U.S. Services Detail Fiscal Crisis Impact" 3465: 2880: 2878: 2876: 2763: 2353:, Obama says sequestration will not happen. 2032:The act contains the following provisions: 962: 835: 639:Joint Select Committee on Deficit Reduction 15: 7286:"Obama Signs 'Fiscal Cliff' Bill into Law" 6923: 6520:"Politico: Decoding the Fiscal Cliff Talk" 6486: 6016:"Boehner: 'We're Nowhere' on Fiscal Cliff" 6007: 5187: 5185: 5107:Konisburg & Hoagland (July 30, 2012). 4973: 4821: 4329: 4269: 4267: 3959:"Congress stands in way of cuts, DoD says" 3155:Hollander, Catherine (February 25, 2013). 3059: 2688: 2686: 2684: 2682: 2573: 2260:Patient Protection and Affordable Care Act 793:Patient Protection and Affordable Care Act 413: 399: 16: 7230: 7062:"Obama to Congress: It's Time for a Deal" 7008:Weisman, Jonathan; Steinhauer, Jennifer; 6737:"Rep. Nancy Pelosi Back in Driver's Seat" 6610: 6385:"Tom Price: We'll avert the fiscal cliff" 6333: 5952: 5712: 5442: 4899: 4876: 4606: 4399: 4296: 3831:"Budget could deflate USAF border blimps" 3186: 3184: 3148: 3068: 2954: 2610: 2608: 2391:December 5, 2012: Senate Minority Leader 2280:August 2, 2011: The President signed the 2213:United States debt-ceiling crisis of 2013 922:compared this reduction in spending to a 514:United States debt-ceiling crisis of 2013 7406:Government finances in the United States 7124:San Francisco Chronicle Associated Press 6901: 6734: 6674:"White House Rejects Boehner's 'Plan B'" 6671: 5626:United States Government Printing Office 5502:"Uncertainty grows over Pentagon budget" 5288: 5156: 4358: 3273: 3239: 2873: 2349:October 22, 2012: At the third of three 1415:crisis that arose that year. They were: 1339: 1175: 1123: 1090: 849: 819:, not increase, taxes by $ 1.3 billion. 528: 24:This is an accepted version of this page 6953:Baliga, Ambareesh (December 23, 2012). 6735:Lochhead, Carolyn (December 29, 2012). 6415: 6278: 5998: 5921: 5766: 5525: 5234: 5191: 5182: 5022: 4400:Schwabish, Jonathan (August 22, 2012). 4264: 4221:"CBO-Long Term Budget Outlook Graphics" 3935: 3588:Thompson, Loren B. (January 16, 2013). 2788: 2786: 2728: 2726: 2724: 2699: 2679: 2273:the AMT through 2011 and extending the 2206: 1372: 1335: 1087:Congressional Budget Office projections 633:as part of an agreement to resolve the 629:On August 2, 2011, Congress passed the 51:2013 tax increase and spending decrease 14: 7383: 6952: 6929: 6466:"Options narrow to avert fiscal cliff" 6382: 6334:Chaggaris, Steve (December 13, 2012). 6189: 6161: 6041: 5975: 5969: 5743: 5526:Weisman, Jonathan (January 23, 2013). 5028: 4931: 4882: 4580: 4419: 4345:Center on Budget and Policy Priorities 4010:"Round Table discussion on DoD Reform" 3936:Weigelt, Matthew (February 21, 2013). 3276:"Final Vote Results for Roll Call 659" 3181: 2605: 2367:November 29, 2012: Treasury Secretary 1833:Additional Revenue Through Tax Reform 1670:Dollar amounts are shown in billions. 1647:Center on Budget and Policy Priorities 1409:United States House of Representatives 1318:CBO analysis of 2012–2013 ATRA changes 594:in December 2010, Congress passed the 585: 6816: 6307: 6067: 5953:Ferrechio, Susan (December 1, 2012). 5385: 5359: 5289:Matthews, Dylan (December 19, 2012). 5241:Patrick Knudsen (November 22, 2012). 5217: 5109:"How to avoid 'lunatic' fiscal cliff" 4714: 4700:Transcript of Pelosi Press Conference 4338: 4038: 3562:Houseman, Alan W. (August 14, 2012). 3535: 3506: 3335: 3190: 3102: 2919: 2700:Weisman, Jonathan (January 1, 2013). 2041:gains rate increased from 15% to 20%. 2001: 6876:New, Catherine (December 28, 2012). 6817:Rushe, Dominic (December 27, 2012). 6249: 5872: 5767:Epstein, Jennifer (August 7, 2012). 5555:. Senate Republican Policy Committee 5134: 5074: 4932:Becker, Bernie (November 13, 2012). 4309: 3305:Ferrechio, Susan (January 1, 2013). 3040:Kurtz, Annalyn (December 12, 2012). 2955:Geoghegan, Tom (November 14, 2012). 2783: 2721: 2541:American Taxpayer Relief Act of 2012 2534:American Taxpayer Relief Act of 2012 2465:American Taxpayer Relief Act of 2012 2265:December 17, 2010: Obama signed the 2019:American Taxpayer Relief Act of 2012 2013:American Taxpayer Relief Act of 2012 2007:American Taxpayer Relief Act of 2012 1268:Estimated deficit for the first year 1180:Overall effects of the fiscal cliff. 1171: 770:Expiration of measures delaying the 664:Key laws leading to the fiscal cliff 481:American Taxpayer Relief Act of 2012 7318:A simple explanation from about.com 7263:Susan Ferrechio (January 1, 2013). 6875: 6853:. December 27, 2012. Archived from 6672:Kuhnhenn, Jim (December 18, 2012). 6526:. November 30, 2012. Archived from 6416:Memmott, Mark (December 10, 2012). 6231:. Agriculture.com. December 5, 2012 6190:Halper, Daniel (December 5, 2012). 6132: 4643:Kessler, Glenn (December 7, 2012). 4581:Sahadi, Jeanne (November 6, 2012). 4427:"Daily History of the Debt Results" 4275:"CBO 2011 Long-Term Budget Outlook" 3909: 3837:. February 12, 2013. Archived from 3435:Interstate Renewable Energy Council 3219:Press release (November 21, 2011). 2982: 2976: 2735:"Fiscal-Cliff Focus Moves to House" 1393: 1164:at existing levels (the so-called " 48: 7411:Obama administration controversies 7298: 6930:Kearns, Jeff (December 24, 2012). 6383:Cheney, Kyle (December 13, 2012). 6308:Menza, Justin (November 5, 2012). 6279:Sargent, Greg (December 3, 2012). 6042:Hughes, Brian (December 4, 2012). 5976:Hughes, Brian (December 2, 2012). 5713:Wroughton, Lesley (July 3, 2012). 5607:Tooltip Public Law (United States) 5192:Krugman, Paul (December 6, 2012). 3009:Prante, Gerald (August 22, 2010). 2983:Fox, Margalit (November 8, 2013). 2619:and allowed the new taxes for the 2304:House Financial Services Committee 1577: 568:House Financial Services Committee 49: 7422: 7372:collected news and commentary at 5873:Herb, Jeremy (October 22, 2012). 5854:. GovExec.com. September 14, 2012 4906:O'Keefe, Ed (November 28, 2012). 4831:O'Keefe, Ed (December 18, 2012). 4551: 4124:. PaycheckCity.com. November 2012 3890:Federation Of American Scientists 3443:. January 3, 2013. Archived from 3246:Nazworth, Napp (August 3, 2011). 2284:. This act provided that, if the 1642:that accomplish these two goals. 756:Across-the-board spending cuts (" 7279: 7256: 6489:"Decoding the Fiscal Cliff Talk" 6487:White, Ben (November 30, 2012). 6250:Corn, David (December 3, 2012). 6162:Benson, Guy (December 5, 2012). 6133:Cox, Ramsey (December 5, 2012). 6068:Viser, Matt (December 3, 2012). 5866: 5844: 5812: 5788: 5744:Taylor, Andrew (July 31, 2012). 5737: 5706: 5567: 5545: 5494: 5468: 5416: 5398: 5386:Eggen, Dan (December 23, 2010). 5379: 5353: 5330: 5308: 5081:Hawkins, K. (October 16, 2012). 4883:Plante, Bill (October 9, 2012). 4715:Cowan, Richard (July 24, 2012). 4613:(2012 TNT 227–6). Tax Analysts. 3568:Center for Law and Social Policy 3466:Koch, Wendy (December 7, 2012). 3135:Lowrey, Anne (October 9, 2012). 2766:"Over the fiscal cliff: Day One" 2457:Four bills are being discussed. 2065:Medicare Sustainable Growth Rate 1398: 1100: 897:Center for Law and Social Policy 772:Medicare Sustainable Growth Rate 90: 85: 7092:. Reuters India. Archived from 6252:"John Boehner's Hostage Crisis" 6003:(2012 TNT 232–7). Tax Analysts. 5942:(2012 TNT 231–3). Tax Analysts. 5926:(2012 TNT 230–1). Tax Analysts. 5135:Reis, Patrick (July 17, 2012). 5029:Sahadi, Jeanne (May 22, 2012). 4767: 4739: 4708: 4693: 4675: 4656: 4637: 4545: 4523: 4497: 4471: 4310:Page, Benjamin (May 22, 2012). 4242: 4213: 4160: 4137: 4114: 4089: 4059: 4039:Miles, Donna (March 28, 2013). 4032: 4014:Defense News with Vago Muradian 4002: 3977: 3951: 3929: 3903: 3878: 3853: 3823: 3793: 3767: 3745: 3715: 3693: 3667: 3637: 3607: 3581: 3555: 3390: 3369:Calmes, Jackie (May 22, 2012). 3298: 3267: 3122: 3002: 2764:Hicks, Josh (January 1, 2013). 2626: 1330: 448:and address the failure of the 5628:. Retrieved September 6, 2012. 5360:Nixon, Ron (January 1, 2013). 5166:Steven Johnson (May 7, 2012). 4157:. Retrieved December 12, 2012. 2676:. Retrieved February 25, 2013. 2662: 1305:CBO analysis of policy options 928:Tethered Aerostat Radar System 573:Some analysts had argued that 542:-mandated spending reductions. 456:. Mandatory programs, such as 344:2023 Removal of Kevin McCarthy 13: 1: 6909:The Christian Science Monitor 6336:"A 'fiscal cliff' Christmas?" 5504:. Navytimes.com. July 4, 2010 5218:Stone, Chad (June 18, 2012). 4339:Stone, Chad (June 18, 2012). 2656: 2509:this Politico newspaper video 2410:largely choreographed drama." 774:from going into effect (the " 519: 503:U.S. House of Representatives 7396:112th United States Congress 7157:. p. A1. Archived from 6524:Council on Foreign Relations 5031:"Debt ceiling in play again" 3274:Database (January 1, 2013). 3145:. Retrieved October 9, 2012. 2067:, was extended for one year. 1162:Medicare reimbursement rates 1157:Alternative fiscal scenario. 524: 7: 5454:Congressional Budget Office 5428:Congressional Budget Office 4960:Congressional Budget Office 4754:Congressional Budget Office 4509:Congressional Budget Office 4483:Congressional Budget Office 4457:Congressional Budget Office 4406:Congressional Budget Office 4316:Congressional Budget Office 4282:Congressional Budget Office 4228:Congressional Budget Office 4199:Congressional Budget Office 3542:Congressional Budget Office 3513:Congressional Budget Office 3342:Congressional Budget Office 3191:Staff (December 17, 2010). 3103:Staff (February 29, 2012). 3069:Cox, Jeff (June 21, 2012). 2826:. ABC News. January 1, 2013 2674:Congressional Budget Office 2550: 2248: 2099:Average Federal Tax Change 1590: 1572:Congressional Budget Office 1293:Therefore, since the total 1272:The CBO estimated that the 1204:Fiscal or Economic Measure 1107:Congressional Budget Office 825:Congressional Budget Office 470:Congressional Budget Office 10: 7427: 7391:United States fiscal cliff 7370:United States fiscal cliff 4149:November 28, 2012, at the 3536:Staff (January 26, 2011). 3507:Staff (October 26, 2011). 2668:Staff (November 8, 2012). 2282:Budget Control Act of 2011 2254:March 23, 2010: President 2210: 2010: 1661: 1615: 1582:On December 12, 2012, the 1384:cost-of-living adjustments 1230:Economic growth in FY2013 1219:Federal deficit in FY2013 861:Budget Control Act of 2011 842:Budget Control Act of 2011 839: 830: 762:Budget Control Act of 2011 711:Budget Control Act of 2011 631:Budget Control Act of 2011 442:Budget Control Act of 2011 427:United States fiscal cliff 257:2007–2008 financial crisis 7401:2013 in the United States 7359:, a joint venture of the 7316:What is the Fiscal Cliff? 7310:What is the Fiscal Cliff? 4071:Intercepts - Defense News 3441:U.S. Department of Energy 3336:Staff (August 22, 2012). 2920:Staff (January 3, 2013). 2186: 2102:Average Federal Tax Rate 2101: 2098: 2095: 1827: 1821: 1818: 1761:Chained CPI for Spending 1718: 1624: 791:New taxes imposed by the 637:. The Act provided for a 288:2013 budget sequestration 193:Bowles–Simpson Commission 7267:. The Examiner Newspaper 5194:"The Forgotten Millions" 4168:"CBO Budget Projections" 2567: 2485:substantial similarities 2439:U.S. Treasury Department 2107:Change in % Points 1919:Stimulus / Tax Extenders 1844:Chained CPI for Revenue 1606:"extraordinary measures" 1558:In a three-page letter, 963:Effects of tax increases 836:Effects of sequestration 249:Subprime mortgage crisis 78:United States of America 61:This article is part of 31:latest accepted revision 6742:San Francisco Chronicle 5581:The National Law Review 5450:"The Fiscal Cliff Deal" 3404:The National Law Review 3312:The Washington Examiner 2740:The Wall Street Journal 2437:December 26, 2012: The 2375:December 3, 2012: Both 1707:Discretionary Spending 1568:Alternative Minimum Tax 1080:such as capital gains. 778:"), as extended by the 612:Alternative Minimum Tax 598:. The act extended the 558:In late February 2012, 6654:(243–1). Tax Analysts. 5342:March 6, 2013, at the 2597:federal crop insurance 2557:Recession of 1937–1938 2420:for entitlements to a 2286:Joint Select Committee 1553: 1345: 1181: 1134: 1097: 910:Secretary of the Navy 902:Loren Thompson of the 856: 543: 237:Social Security debate 76:Budget and debt in the 7365:Brookings Institution 7355:as calculated by the 6980:"Library of Congress" 6046:. Washington Examiner 4433:on September 16, 2012 4251:(November 16, 2011). 3364:registration required 3131:registration required 2887:registration required 2695:registration required 2337:continuing resolution 2239:continuing resolution 2211:Further information: 2157:$ 64,484 – $ 108,266 2027:House Majority Leader 1645:Other experts at the 1343: 1179: 1127: 1094: 989:Married, two children 853: 749:, as extended by the 532: 385:Continuing resolution 6589:on December 13, 2012 5828:. September 14, 2012 5033:. Cable News Network 4936:. The Hill Newspaper 4690:. December 16, 2012. 3989:The Washington Times 3733:on February 15, 2013 2623:to come into effect. 2418:Consumer Price Index 2351:presidential debates 2258:signed into law the 2207:Debt limit extension 2143:$ 39,790 – $ 64,483 2129:$ 20,113 – $ 39,789 1980:as a percent of GDP 1405:United States Senate 1373:Republican proposals 1336:Democratic proposals 1252:Public debt in 2022 1138:Baseline projection. 703:taxes: $ 18B (3.97%) 626:physician payments. 564:U.S. Federal Reserve 454:budget sequestration 295:Government shutdowns 7161:on October 29, 2013 6857:on January 29, 2013 6770:The Washington Post 6714:The Washington Post 6688:on January 15, 2013 6530:on January 15, 2013 6397:on January 16, 2013 6285:The Washington Post 6202:on December 7, 2012 6196:The Weekly Standard 6166:. TownHall Magazine 5902:The Washington Post 5410:The Washington Post 5392:The Washington Post 5324:The Washington Post 5295:The Washington Post 5062:. December 26, 2012 4984:Appelbaum, Binyamin 4838:The Washington Post 4650:The Washington Post 4258:The Washington Post 4047:on January 15, 2015 3965:on November 1, 2014 3865:The Virginian-Pilot 3841:on October 19, 2014 3811:on February 4, 2013 3594:Lexington Institute 3169:on January 15, 2013 2621:Affordable Care Act 2585:cabinet departments 2516:Joseph R. Biden Jr. 2298:February 29, 2012: 2277:to the end of 2012. 2245:by April 15, 2013. 2224:debt-ceiling crisis 1656:Heritage Foundation 1323:be $ 641B in 2013. 904:Lexington Institute 701:Affordable Care Act 643:Affordable Care Act 635:debt-ceiling crisis 586:Legislative history 438:2010 Tax Relief Act 375:Balance of payments 264:Debt-ceiling crises 187:Contemporary issues 21:Page version status 7292:. January 3, 2012. 7243:The New York Times 7218:on January 4, 2013 7154:The New York Times 7015:The New York Times 5748:. Associated Press 5532:The New York Times 5482:on January 6, 2013 5366:The New York Times 5350:. January 1, 2013. 5198:The New York Times 4989:The New York Times 4781:. December 4, 2012 4630:The New York Times 4459:. November 8, 2012 3781:. January 23, 2013 3755:. January 22, 2013 3703:. January 17, 2013 3681:. January 26, 2013 3376:The New York Times 3253:The Christian Post 3142:The New York Times 2899:The New York Times 2852:"The Fiscal Cliff" 2707:The New York Times 2617:Budget Control Act 2581:appropriation acts 2191:All Income Levels 2002:Partial resolution 1346: 1182: 1135: 1098: 932:Illegal drug trade 857: 562:, chairman of the 544: 540:Budget Control Act 122:Financial position 27: 7357:Tax Policy Center 6684:). Archived from 5838:National Archives 5676:. August 2, 2011. 5656:National Archives 5456:. January 4, 2013 5430:. January 1, 2013 5170:Columbus Dispatch 4511:. January 1, 2013 4485:. August 22, 2012 4384:National Archives 4230:. August 24, 2011 3625:on March 10, 2013 3447:on March 17, 2013 2204: 2203: 1999: 1998: 1782:Spending Subtotal 1503:Richard J. Durbin 1489:Finance Committee 1439:Finance Committee 1421:Michael F. Bennet 1262: 1261: 1172:Projected effects 1065: 1064: 940:B61 nuclear bombs 681:: $ 221B (36.41%) 679:growth in the AMT 592:lame-duck session 423: 422: 232:Political debates 227:Healthcare reform 217:Deficit reduction 39:13 September 2024 18: 7418: 7293: 7283: 7277: 7276: 7274: 7272: 7260: 7254: 7253: 7251: 7249: 7234: 7228: 7227: 7225: 7223: 7214:. Archived from 7203: 7197: 7196: 7194: 7192: 7177: 7171: 7170: 7168: 7166: 7144: 7135: 7134: 7132: 7130: 7115: 7106: 7105: 7103: 7101: 7096:on March 6, 2016 7085: 7079: 7078: 7076: 7074: 7057: 7051: 7050: 7048: 7046: 7029: 7020: 7019: 7005: 6996: 6995: 6993: 6991: 6986:on June 17, 2014 6976: 6967: 6966: 6964: 6962: 6950: 6944: 6943: 6941: 6939: 6934:. 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Archived from 6187: 6176: 6175: 6173: 6171: 6159: 6150: 6149: 6147: 6145: 6130: 6115: 6114: 6108: 6106: 6094: 6085: 6084: 6082: 6080: 6065: 6056: 6055: 6053: 6051: 6039: 6028: 6027: 6025: 6023: 6011: 6005: 6004: 5996: 5990: 5989: 5987: 5985: 5973: 5967: 5966: 5964: 5962: 5950: 5944: 5943: 5934: 5928: 5927: 5919: 5913: 5912: 5910: 5908: 5893: 5887: 5886: 5884: 5882: 5870: 5864: 5863: 5861: 5859: 5848: 5842: 5841: 5835: 5833: 5816: 5810: 5809: 5807: 5805: 5800: 5792: 5786: 5785: 5783: 5781: 5764: 5758: 5757: 5755: 5753: 5741: 5735: 5734: 5732: 5730: 5725:on March 5, 2016 5721:. Archived from 5710: 5704: 5703: 5701: 5699: 5684: 5678: 5677: 5666: 5660: 5659: 5653: 5651: 5635: 5629: 5608: 5604: 5599: 5593: 5592: 5590: 5588: 5571: 5565: 5564: 5562: 5560: 5549: 5543: 5542: 5540: 5538: 5523: 5514: 5513: 5511: 5509: 5498: 5492: 5491: 5489: 5487: 5472: 5466: 5465: 5463: 5461: 5446: 5440: 5439: 5437: 5435: 5420: 5414: 5413: 5402: 5396: 5395: 5383: 5377: 5376: 5374: 5372: 5357: 5351: 5334: 5328: 5319:Associated Press 5312: 5306: 5305: 5303: 5301: 5286: 5280: 5279: 5277: 5275: 5264: 5258: 5257: 5255: 5253: 5247:The Detroit News 5238: 5232: 5231: 5229: 5227: 5215: 5209: 5208: 5206: 5204: 5189: 5180: 5179: 5177: 5175: 5163: 5154: 5153: 5151: 5149: 5132: 5121: 5120: 5118: 5116: 5104: 5095: 5094: 5092: 5090: 5078: 5072: 5071: 5069: 5067: 5052: 5043: 5042: 5040: 5038: 5026: 5020: 5019: 5017: 5015: 5003: 4994: 4993: 4980: 4971: 4970: 4968: 4966: 4952: 4946: 4945: 4943: 4941: 4929: 4923: 4922: 4920: 4918: 4903: 4897: 4896: 4894: 4892: 4880: 4874: 4873: 4861: 4850: 4849: 4847: 4845: 4828: 4819: 4818: 4816: 4814: 4802: 4791: 4790: 4788: 4786: 4771: 4765: 4764: 4762: 4760: 4751: 4743: 4737: 4736: 4734: 4732: 4727:on March 6, 2016 4723:. Archived from 4712: 4706: 4703:pelosi.house.gov 4697: 4691: 4679: 4673: 4669:The Fiscal Times 4660: 4654: 4641: 4635: 4634: 4624: 4618: 4617: 4604: 4598: 4597: 4595: 4593: 4578: 4569: 4568: 4566: 4564: 4552:Rubin, Richard. 4549: 4543: 4542: 4540: 4538: 4533:. CNN. July 2012 4527: 4521: 4520: 4518: 4516: 4501: 4495: 4494: 4492: 4490: 4475: 4469: 4468: 4466: 4464: 4449: 4443: 4442: 4440: 4438: 4423: 4417: 4416: 4414: 4412: 4397: 4388: 4387: 4381: 4379: 4362: 4356: 4355: 4353: 4351: 4336: 4327: 4326: 4324: 4322: 4307: 4294: 4293: 4291: 4289: 4279: 4271: 4262: 4246: 4240: 4239: 4237: 4235: 4225: 4217: 4211: 4210: 4208: 4206: 4190: 4179: 4178: 4176: 4174: 4164: 4158: 4141: 4135: 4133: 4131: 4129: 4118: 4112: 4111: 4109: 4107: 4097:"38 Metric Tons" 4093: 4087: 4086: 4084: 4082: 4077:on June 16, 2013 4073:. Archived from 4063: 4057: 4056: 4054: 4052: 4043:. Archived from 4036: 4030: 4029: 4027: 4025: 4020:on April 4, 2013 4016:. Archived from 4006: 4000: 3999: 3997: 3995: 3981: 3975: 3974: 3972: 3970: 3961:. Archived from 3955: 3949: 3948: 3946: 3944: 3933: 3927: 3926: 3924: 3922: 3910:Spinney, Chuck. 3907: 3901: 3900: 3898: 3896: 3882: 3876: 3875: 3873: 3871: 3857: 3851: 3850: 3848: 3846: 3827: 3821: 3820: 3818: 3816: 3807:. Archived from 3805:Breaking Defense 3797: 3791: 3790: 3788: 3786: 3771: 3765: 3764: 3762: 3760: 3749: 3743: 3742: 3740: 3738: 3729:. Archived from 3719: 3713: 3712: 3710: 3708: 3697: 3691: 3690: 3688: 3686: 3671: 3665: 3664: 3662: 3660: 3655:on April 8, 2013 3651:. Archived from 3641: 3635: 3634: 3632: 3630: 3621:. Archived from 3619:Breaking Defense 3611: 3605: 3604: 3602: 3600: 3585: 3579: 3578: 3576: 3574: 3559: 3553: 3552: 3550: 3548: 3533: 3524: 3523: 3521: 3519: 3504: 3485: 3484: 3482: 3480: 3463: 3457: 3456: 3454: 3452: 3422: 3416: 3415: 3413: 3411: 3394: 3388: 3387: 3385: 3383: 3367: 3359: 3353: 3352: 3350: 3348: 3333: 3324: 3323: 3321: 3319: 3302: 3296: 3295: 3293: 3291: 3286:on March 6, 2013 3282:. Archived from 3271: 3265: 3264: 3262: 3260: 3243: 3237: 3236: 3234: 3232: 3216: 3210: 3209: 3207: 3205: 3198:Accounting Today 3188: 3179: 3178: 3176: 3174: 3165:. Archived from 3162:National Journal 3152: 3146: 3134: 3126: 3120: 3119: 3117: 3115: 3100: 3091: 3090: 3088: 3086: 3066: 3057: 3056: 3054: 3052: 3037: 3026: 3025: 3023: 3021: 3011:"Unkindest Cuts" 3006: 3000: 2999: 2997: 2995: 2980: 2974: 2973: 2971: 2969: 2952: 2937: 2936: 2934: 2932: 2917: 2911: 2910: 2908: 2906: 2890: 2882: 2871: 2870: 2864: 2862: 2856: 2848: 2839: 2838: 2833: 2831: 2820: 2811: 2810: 2804: 2802: 2790: 2781: 2780: 2778: 2776: 2761: 2752: 2751: 2749: 2747: 2730: 2719: 2718: 2716: 2714: 2698: 2690: 2677: 2666: 2651: 2643: 2637: 2630: 2624: 2612: 2603: 2589:federal agencies 2577: 2404:Timothy Geithner 2369:Timothy Geithner 2093: 2092: 1865:Revenue Subtotal 1813:Upfront Revenue 1744:Other Mandatory 1677:Budget Category 1673: 1672: 1601:Timothy Geithner 1564:IRS Commissioner 1457:Budget Committee 1394:Other viewpoints 1295:U.S. public debt 1200: 1199: 971: 970: 730: 724: 718: 713:: $ 65B (10.71%) 708: 698: 692: 686: 676: 415: 408: 401: 305:1981, 1984, 1986 243:Starve the beast 101:Major dimensions 94: 89: 79: 68: 65: 56: 55: 7426: 7425: 7421: 7420: 7419: 7417: 7416: 7415: 7381: 7380: 7361:Urban Institute 7301: 7299:Further reading 7296: 7284: 7280: 7270: 7268: 7261: 7257: 7247: 7245: 7235: 7231: 7221: 7219: 7204: 7200: 7190: 7188: 7178: 7174: 7164: 7162: 7145: 7138: 7128: 7126: 7116: 7109: 7099: 7097: 7086: 7082: 7072: 7070: 7058: 7054: 7044: 7042: 7030: 7023: 7006: 6999: 6989: 6987: 6978: 6977: 6970: 6960: 6958: 6957:. Reuters India 6951: 6947: 6937: 6935: 6928: 6924: 6914: 6912: 6900: 6896: 6886: 6884: 6882:Huffington Post 6874: 6870: 6860: 6858: 6845: 6844: 6840: 6830: 6828: 6815: 6811: 6801: 6799: 6789: 6785: 6775: 6773: 6761: 6757: 6747: 6745: 6733: 6729: 6719: 6717: 6705: 6701: 6691: 6689: 6670: 6659: 6647:Tax Notes Today 6642: 6633: 6623: 6621: 6609: 6602: 6592: 6590: 6573: 6569: 6559: 6557: 6547: 6543: 6533: 6531: 6518: 6517: 6513: 6499: 6497: 6485: 6481: 6471: 6469: 6464: 6463: 6459: 6449: 6447: 6445:Huffington Post 6437: 6433: 6423: 6421: 6414: 6410: 6400: 6398: 6381: 6377: 6367: 6365: 6363:Huffington Post 6355: 6351: 6341: 6339: 6332: 6325: 6315: 6313: 6306: 6302: 6289: 6287: 6277: 6273: 6260: 6258: 6248: 6244: 6234: 6232: 6227: 6226: 6215: 6205: 6203: 6188: 6179: 6169: 6167: 6160: 6153: 6143: 6141: 6131: 6118: 6104: 6102: 6095: 6088: 6078: 6076: 6066: 6059: 6049: 6047: 6040: 6031: 6021: 6019: 6012: 6008: 6001:Tax Notes Today 5997: 5993: 5983: 5981: 5974: 5970: 5960: 5958: 5951: 5947: 5940:Tax Notes Today 5935: 5931: 5924:Tax Notes Today 5920: 5916: 5906: 5904: 5894: 5890: 5880: 5878: 5871: 5867: 5857: 5855: 5850: 5849: 5845: 5831: 5829: 5818: 5817: 5813: 5803: 5801: 5798: 5794: 5793: 5789: 5779: 5777: 5765: 5761: 5751: 5749: 5742: 5738: 5728: 5726: 5711: 5707: 5697: 5695: 5694:on July 5, 2016 5686: 5685: 5681: 5668: 5667: 5663: 5649: 5647: 5637: 5636: 5632: 5606: 5600: 5596: 5586: 5584: 5572: 5568: 5558: 5556: 5551: 5550: 5546: 5536: 5534: 5524: 5517: 5507: 5505: 5500: 5499: 5495: 5485: 5483: 5474: 5473: 5469: 5459: 5457: 5448: 5447: 5443: 5433: 5431: 5422: 5421: 5417: 5404: 5403: 5399: 5384: 5380: 5370: 5368: 5358: 5354: 5344:Wayback Machine 5335: 5331: 5313: 5309: 5299: 5297: 5287: 5283: 5273: 5271: 5266: 5265: 5261: 5251: 5249: 5239: 5235: 5225: 5223: 5216: 5212: 5202: 5200: 5190: 5183: 5173: 5171: 5164: 5157: 5147: 5145: 5133: 5124: 5114: 5112: 5105: 5098: 5088: 5086: 5079: 5075: 5065: 5063: 5054: 5053: 5046: 5036: 5034: 5027: 5023: 5013: 5011: 5004: 4997: 4981: 4974: 4964: 4962: 4954: 4953: 4949: 4939: 4937: 4930: 4926: 4916: 4914: 4912:Washington Post 4904: 4900: 4890: 4888: 4881: 4877: 4866:Tax Notes Today 4862: 4853: 4843: 4841: 4829: 4822: 4812: 4810: 4803: 4794: 4784: 4782: 4773: 4772: 4768: 4758: 4756: 4749: 4745: 4744: 4740: 4730: 4728: 4713: 4709: 4705:March 29, 2012. 4698: 4694: 4680: 4676: 4661: 4657: 4642: 4638: 4625: 4621: 4610:Tax Notes Today 4605: 4601: 4591: 4589: 4579: 4572: 4562: 4560: 4550: 4546: 4536: 4534: 4529: 4528: 4524: 4514: 4512: 4503: 4502: 4498: 4488: 4486: 4477: 4476: 4472: 4462: 4460: 4451: 4450: 4446: 4436: 4434: 4425: 4424: 4420: 4410: 4408: 4398: 4391: 4377: 4375: 4363: 4359: 4349: 4347: 4337: 4330: 4320: 4318: 4308: 4297: 4287: 4285: 4284:. June 22, 2011 4277: 4273: 4272: 4265: 4247: 4243: 4233: 4231: 4223: 4219: 4218: 4214: 4204: 4202: 4191: 4182: 4172: 4170: 4166: 4165: 4161: 4151:Wayback Machine 4142: 4138: 4127: 4125: 4120: 4119: 4115: 4105: 4103: 4095: 4094: 4090: 4080: 4078: 4065: 4064: 4060: 4050: 4048: 4037: 4033: 4023: 4021: 4008: 4007: 4003: 3993: 3991: 3983: 3982: 3978: 3968: 3966: 3957: 3956: 3952: 3942: 3940: 3934: 3930: 3920: 3918: 3908: 3904: 3894: 3892: 3884: 3883: 3879: 3869: 3867: 3859: 3858: 3854: 3844: 3842: 3829: 3828: 3824: 3814: 3812: 3799: 3798: 3794: 3784: 3782: 3773: 3772: 3768: 3758: 3756: 3751: 3750: 3746: 3736: 3734: 3721: 3720: 3716: 3706: 3704: 3699: 3698: 3694: 3684: 3682: 3673: 3672: 3668: 3658: 3656: 3643: 3642: 3638: 3628: 3626: 3613: 3612: 3608: 3598: 3596: 3586: 3582: 3572: 3570: 3560: 3556: 3546: 3544: 3534: 3527: 3517: 3515: 3505: 3488: 3478: 3476: 3464: 3460: 3450: 3448: 3424: 3423: 3419: 3409: 3407: 3395: 3391: 3381: 3379: 3361: 3360: 3356: 3346: 3344: 3334: 3327: 3317: 3315: 3303: 3299: 3289: 3287: 3272: 3268: 3258: 3256: 3244: 3240: 3230: 3228: 3217: 3213: 3203: 3201: 3189: 3182: 3172: 3170: 3153: 3149: 3128: 3127: 3123: 3113: 3111: 3101: 3094: 3084: 3082: 3067: 3060: 3050: 3048: 3038: 3029: 3019: 3017: 3007: 3003: 2993: 2991: 2981: 2977: 2967: 2965: 2953: 2940: 2930: 2928: 2918: 2914: 2904: 2902: 2884: 2883: 2874: 2860: 2858: 2854: 2850: 2849: 2842: 2829: 2827: 2822: 2821: 2814: 2800: 2798: 2791: 2784: 2774: 2772: 2770:Washington Post 2762: 2755: 2745: 2743: 2731: 2722: 2712: 2710: 2692: 2691: 2680: 2667: 2663: 2659: 2654: 2644: 2640: 2631: 2627: 2613: 2606: 2600: 2578: 2574: 2570: 2562:Tax uncertainty 2553: 2502:Mitch McConnell 2393:Mitch McConnell 2327:July 31, 2012: 2320:July 17, 2012: 2251: 2215: 2209: 2171:> $ 108,266 2115:$ 0 – $ 20,112 2015: 2009: 2004: 1976:Public Debt in 1701: 1696: 1691: 1686: 1681: 1676: 1664: 1627: 1618: 1597:US debt ceiling 1593: 1584:Federal Reserve 1580: 1578:Federal Reserve 1556: 1471:Saxby Chambliss 1401: 1396: 1375: 1338: 1333: 1320: 1307: 1270: 1225:$ 1037 billion 1213: 1208: 1203: 1174: 1103: 1089: 1078:unearned income 991:(4 allowances) 990: 986:(2 allowances) 985: 980: 975: 965: 936:Harry S. Truman 848: 840:Main articles: 838: 833: 735: 734: 733: 732: 728: 726: 722: 720: 716: 714: 706: 704: 696: 694: 690: 688: 684: 682: 674: 666: 588: 538:and repeal the 527: 522: 458:Social Security 446:US debt ceiling 419: 390: 389: 358: 350: 349: 348: 338:Related events 336: 285: 254: 253: 188: 180: 179: 175:Social Security 170:Social programs 160: 152: 151: 127:Military budget 102: 77: 75: 63: 60: 52: 47: 46: 45: 44: 43: 42: 26: 12: 11: 5: 7424: 7414: 7413: 7408: 7403: 7398: 7393: 7379: 7378: 7367: 7350: 7345: 7340: 7335: 7330: 7325: 7319: 7313: 7307: 7300: 7297: 7295: 7294: 7278: 7255: 7229: 7198: 7172: 7136: 7107: 7080: 7052: 7021: 7010:Cooper, Helene 6997: 6968: 6945: 6922: 6894: 6868: 6838: 6809: 6783: 6755: 6727: 6699: 6657: 6631: 6600: 6567: 6541: 6511: 6479: 6457: 6431: 6408: 6375: 6349: 6323: 6300: 6271: 6242: 6213: 6177: 6151: 6116: 6101:. PBS NewsHour 6086: 6057: 6029: 6018:. PBS NewsHour 6006: 5991: 5968: 5945: 5929: 5914: 5888: 5865: 5843: 5825:whitehouse.gov 5811: 5787: 5759: 5736: 5705: 5679: 5661: 5644:whitehouse.gov 5630: 5611:111–148 (text) 5594: 5566: 5544: 5515: 5493: 5467: 5441: 5415: 5397: 5378: 5352: 5337:"Roll No. 659" 5329: 5307: 5281: 5259: 5233: 5210: 5181: 5155: 5122: 5096: 5073: 5044: 5021: 5010:. PBS NewsHour 4995: 4972: 4947: 4924: 4898: 4875: 4851: 4820: 4792: 4766: 4738: 4707: 4692: 4674: 4655: 4636: 4619: 4599: 4570: 4544: 4522: 4496: 4470: 4444: 4418: 4389: 4372:whitehouse.gov 4357: 4328: 4295: 4263: 4241: 4212: 4180: 4159: 4136: 4113: 4088: 4058: 4031: 4001: 3976: 3950: 3928: 3902: 3877: 3852: 3835:Foreign Policy 3822: 3792: 3766: 3744: 3714: 3692: 3666: 3636: 3606: 3580: 3554: 3525: 3486: 3458: 3417: 3389: 3354: 3325: 3297: 3266: 3238: 3211: 3180: 3147: 3121: 3092: 3079:Yahoo! Finance 3058: 3027: 3015:Tax Foundation 3001: 2989:New York Times 2975: 2938: 2912: 2872: 2840: 2812: 2782: 2753: 2720: 2678: 2660: 2658: 2655: 2653: 2652: 2638: 2625: 2604: 2583:including the 2571: 2569: 2566: 2565: 2564: 2559: 2552: 2549: 2548: 2547: 2544: 2537: 2530: 2527: 2523: 2520: 2512: 2505: 2493: 2492: 2491: 2490: 2481: 2475: 2470: 2454: 2453: 2449: 2442: 2435: 2431: 2428: 2425: 2414: 2411: 2407: 2400: 2389: 2373: 2365: 2362:Orrin G. Hatch 2358: 2354: 2347: 2344: 2340: 2325: 2318: 2309:July 3, 2012: 2307: 2296: 2289: 2278: 2263: 2250: 2247: 2228:2012 elections 2208: 2205: 2202: 2201: 2198: 2195: 2192: 2188: 2187: 2185: 2182: 2181: 2178: 2175: 2172: 2168: 2167: 2164: 2161: 2158: 2154: 2153: 2150: 2147: 2144: 2140: 2139: 2136: 2133: 2130: 2126: 2125: 2122: 2119: 2116: 2112: 2111: 2110:Under New Law 2108: 2104: 2103: 2100: 2097: 2079: 2078: 2074: 2071: 2068: 2061: 2058: 2055: 2052: 2049: 2046: 2042: 2038: 2037:on the assets. 2011:Main article: 2008: 2005: 2003: 2000: 1997: 1996: 1993: 1990: 1987: 1984: 1981: 1973: 1972: 1970: 1968: 1966: 1964: 1962: 1959: 1958: 1955: 1952: 1949: 1946: 1943: 1937: 1936: 1933: 1930: 1927: 1924: 1921: 1915: 1914: 1911: 1908: 1905: 1902: 1899: 1893: 1892: 1887: 1882: 1877: 1872: 1867: 1861: 1860: 1857: 1854: 1851: 1848: 1845: 1841: 1840: 1837: 1834: 1830: 1829: 1826: 1823: 1820: 1817: 1814: 1810: 1809: 1804: 1799: 1794: 1789: 1784: 1778: 1777: 1774: 1771: 1768: 1765: 1762: 1758: 1757: 1754: 1751: 1748: 1745: 1741: 1740: 1737: 1734: 1731: 1728: 1724: 1723: 1720: 1717: 1714: 1711: 1708: 1704: 1703: 1698: 1693: 1688: 1683: 1678: 1663: 1660: 1640:Bowles-Simpson 1626: 1623: 1617: 1614: 1592: 1589: 1579: 1576: 1562:, then acting 1555: 1552: 1547: 1546: 1536:Mark R. Warner 1532: 1518: 1499: 1481: 1467: 1449: 1431: 1400: 1397: 1395: 1392: 1374: 1371: 1337: 1334: 1332: 1329: 1319: 1316: 1306: 1303: 1269: 1266: 1260: 1259: 1256: 1253: 1249: 1248: 1245: 1242: 1238: 1237: 1234: 1231: 1227: 1226: 1223: 1222:$ 641 billion 1220: 1216: 1215: 1210: 1205: 1173: 1170: 1118: 1117: 1114: 1102: 1099: 1088: 1085: 1063: 1062: 1061:$ 7,812 / 13% 1059: 1058:$ 8,046 / 13% 1056: 1055:$ 8,046 / 13% 1053: 1049: 1048: 1047:$ 6,312 / 14% 1045: 1044:$ 6,546 / 14% 1042: 1041:$ 7,467 / 13% 1039: 1035: 1034: 1033:$ 4,812 / 15% 1031: 1030:$ 5,046 / 16% 1028: 1027:$ 5,967 / 15% 1025: 1021: 1020: 1019:$ 3,038 / 18% 1017: 1016:$ 3,272 / 17% 1014: 1013:$ 4,193 / 16% 1011: 1007: 1006: 1005:$ 1,870 / 32% 1003: 1002:$ 1,870 / 32% 1000: 999:$ 1,693 / 17% 997: 993: 992: 987: 982: 981:(1 allowance) 977: 964: 961: 837: 834: 832: 829: 801: 800: 789: 786: 783: 768: 765: 754: 727: 721: 715: 705: 695: 689: 683: 673: 669: 668: 667: 665: 662: 658:New Year's Day 654:New Year's Eve 587: 584: 526: 523: 521: 518: 507:U.S. President 450:111th Congress 421: 420: 418: 417: 410: 403: 395: 392: 391: 388: 387: 382: 377: 359: 356: 355: 352: 351: 347: 346: 340: 335: 334: 333: 332: 327: 322: 317: 312: 307: 302: 291: 284: 283: 282: 281: 276: 271: 260: 252: 251: 246: 239: 234: 229: 224: 219: 214: 213: 212: 202: 196: 190: 189: 186: 185: 182: 181: 178: 177: 172: 167: 161: 158: 157: 154: 153: 150: 149: 147:Gov't spending 144: 139: 134: 129: 124: 119: 117:Federal budget 114: 109: 103: 100: 99: 96: 95: 82: 81: 71: 70: 50: 28: 22: 19: 17: 9: 6: 4: 3: 2: 7423: 7412: 7409: 7407: 7404: 7402: 7399: 7397: 7394: 7392: 7389: 7388: 7386: 7377: 7376: 7371: 7368: 7366: 7362: 7358: 7354: 7351: 7349: 7346: 7344: 7341: 7339: 7336: 7334: 7331: 7329: 7326: 7323: 7320: 7317: 7314: 7311: 7308: 7306: 7303: 7302: 7291: 7287: 7282: 7266: 7259: 7244: 7240: 7233: 7217: 7213: 7209: 7202: 7187: 7183: 7176: 7160: 7156: 7155: 7150: 7143: 7141: 7125: 7121: 7114: 7112: 7095: 7091: 7084: 7069: 7068: 7063: 7056: 7041: 7040: 7035: 7028: 7026: 7018:. p. 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Retrieved 2705: 2664: 2647: 2641: 2633: 2628: 2575: 2500:and Senator 2484: 2335:agreed on a 2300:Ben Bernanke 2256:Barack Obama 2236: 2232: 2216: 2088: 2084: 2080: 2031: 2016: 1977: 1940: 1918: 1896: 1889: 1884: 1879: 1874: 1869: 1864: 1806: 1801: 1796: 1791: 1786: 1781: 1727:Health Care 1669: 1665: 1644: 1635:Ben Bernanke 1631:Paul Krugman 1628: 1619: 1610: 1594: 1581: 1557: 1548: 1522:Mike Johanns 1413:Fiscal Cliff 1402: 1388: 1380: 1376: 1367:Nancy Pelosi 1359: 1351: 1347: 1331:Negotiations 1325: 1321: 1308: 1299: 1292: 1286: 1285:fiscal year 1279: 1278:fiscal year 1271: 1263: 1236:1.7% of GDP 1196: 1187: 1183: 1156: 1155: 1151: 1145: 1143: 1137: 1136: 1130: 1119: 1104: 1082: 1066: 966: 958: 955: 951: 947: 944: 935: 920:Leon Panetta 917: 909: 901: 893: 889: 885: 881: 873: 869: 865: 858: 821: 816: 810: 806:Medicare SGR 802: 736: 670: 651: 647: 628: 589: 578: 575:fiscal slope 574: 572: 560:Ben Bernanke 557: 548:fiscal cliff 547: 545: 510:Barack Obama 496: 493: 489: 485: 478: 466: 431: 426: 424: 337: 286: 255: 222:Fiscal cliff 221: 205:Debt ceiling 191: 142:Unemployment 112:Expenditures 59: 53: 38: 29:This is the 23: 7165:October 25, 6560:October 18, 6316:November 6, 6290:December 6, 6261:December 6, 6235:December 6, 6206:December 6, 6170:December 6, 6144:December 6, 6105:December 6, 6079:December 5, 6050:December 5, 6022:December 3, 5984:October 18, 5961:December 3, 5907:December 6, 5616:, 124 5587:February 6, 5559:February 5, 5537:October 25, 4463:November 8, 4201:. p. 3 4155:CFO Insight 4106:October 15, 4081:October 15, 4051:October 15, 4024:October 15, 3994:October 15, 3969:October 15, 3943:October 15, 3921:October 15, 3895:October 15, 3870:October 15, 3845:October 15, 3815:October 15, 3785:October 15, 3759:October 15, 3737:October 15, 3707:October 15, 3685:October 15, 3659:October 15, 3629:October 15, 2861:November 6, 2830:November 6, 2801:November 6, 2775:November 6, 2461:H.R. 8 2452:12 pm. 2377:Republicans 2023:Eric Cantor 1459:Chairman), 1453:Kent Conrad 1258:90% of GDP 1255:58% of GDP 1212:Alternative 1070:payroll tax 877:growth rate 579:fiscal hill 499:U.S. Senate 360:Cumulative 357:Terminology 132:Public debt 7385:Categories 7271:January 2, 7248:January 1, 7222:January 1, 6990:January 3, 6338:. CBS News 6112:Americans. 5980:. Examiner 5957:. Examiner 5508:January 7, 5486:January 7, 5460:January 4, 5434:January 2, 5371:January 1, 4809:. CBS News 4687:Politifact 4515:January 7, 4489:January 7, 4411:August 28, 2994:August 13, 2905:January 1, 2746:January 1, 2713:January 1, 2657:References 2498:Harry Reid 2397:Harry Reid 2386:Jay Carney 2219:debt limit 1608:are used. 1485:Mike Crapo 1435:Tom Coburn 1074:income tax 1052:$ 250,000 1038:$ 200,000 1024:$ 150,000 1010:$ 100,000 813:wind-power 782:(MCTRJCA); 608:exemptions 520:Background 5804:March 27, 5752:August 1, 5729:August 1, 5226:August 6, 4779:Bloomberg 4759:March 31, 4587:CNN Money 4563:August 4, 4558:Bloomberg 4437:August 4, 4173:March 22, 3779:Bloomberg 3473:USA Today 3382:August 4, 3046:CNN Money 2797:. Reuters 2381:Democrats 2077:million). 1695:Boehner#2 1685:Boehner#1 1491:member), 1441:member), 1214:Scenario 1209:Baseline 996:$ 50,000 924:burn rate 912:Ray Mabus 590:During a 546:The term 525:Etymology 474:recession 380:Inflation 330:2018–2019 315:1995–1996 7290:CBS News 7067:Politico 7039:Politico 6851:MSN News 6827:. London 6682:MSN News 6618:Politico 6582:Politico 6494:Politico 6390:Politico 6139:The Hill 5774:Politico 5698:July 23, 5674:ABC News 5340:Archived 5174:July 31, 5148:July 31, 5142:Politico 5115:July 31, 5060:NBC News 5037:July 25, 4872:(212–3). 4378:July 26, 4350:July 25, 4321:July 25, 4205:July 27, 4147:Archived 4101:TIME.com 3916:TIME.com 3433:(of the 2962:BBC News 2926:Fox News 2593:Medicare 2551:See also 2372:ceiling. 2322:Bernanke 2271:patching 2249:Timeline 2194:$ 1,257 2174:$ 5,574 2160:$ 1,147 1957:$ 2,250 1954:$ 2,300 1951:$ 1,775 1948:$ 2,525 1945:$ 1,950 1897:Interest 1828:$ 1,150 1822:$ 1,400 1649:and the 1591:Treasury 1362:Medicare 1160:keeping 1146:increase 1131:policies 855:deficit. 795:and the 745:and the 624:Medicare 462:Medicaid 366:Interest 325:Jan 2018 165:Medicare 159:Programs 137:Taxation 64:a series 35:reviewed 7212:Reuters 7186:Reuters 6797:Reuters 6555:Reuters 5719:Reuters 5603:Pub. 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