United States fiscal cliff
2013 tax increase and spending decrease
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📌 Topics
- Economy (2)
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- Social Welfare (1)
- Governance (1)
🏷️ Keywords
Unemployment benefits (1) · Congress (1) · Fiscal cliff (1) · Economic relief (1) · California (1) · Federal aid (1) · Pandemic recovery (1) · Jim DeMint (1) · Fiscal Cliff (1) · Tax Reform (1) · Federal Spending (1) · Republican Party (1) · Economic Policy (1) · Budget Crisis (1)
📖 Key Information
The United States fiscal cliff refers to the combined effect of several previously-enacted laws that came into effect simultaneously in January 2013, increasing taxes and decreasing spending.
The Bush tax cuts of 2001 and 2003, which had been extended for two years by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, were scheduled to expire on December 31, 2012. Planned spending cuts under the Budget Control Act of 2011 also came into play.
📰 Related News (2)
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🇺🇸 Millions at risk of losing unemployment benefits
If Congress does not act before the end of the year, the unemployment benefits that millions of Americans receive will disappear. Ben Tracy reports on...
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🇺🇸 Sen. DeMint: "This country needs less government"
South Carolina Republican Sen. Jim DeMint talks to Charlie Rose and Gayle King about the lack of progress in the "fiscal cliff."...
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- 🌐 Congress (1 shared articles)