News Summary: 'Fiscal Cliff' Would Hit Most In US
The Associated Press
WHAT IS THE 'FISCAL CLIFF': A package of tax increases and spending cuts that takes effect in January unless Congress passes a budget deal by then.
WHO IS AFFECTED: Everyone who pays income tax â¿¿ and some who don't â¿¿will feel it. Middle-income families would have to pay an average of about $2,000 more next year, the nonpartisan Tax Policy Center has calculated.
HIT TO GROWTH: Up to 3.4 million jobs would be lost, the Congressional Budget Office estimates. The unemployment rate would rise to 9.1 percent. The economy would likely fall into recession next year, the CBO says.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV