New Year's HeadachePartly by fate, partly by design, some scary fiscal forces come together at the start of 2013 unless Congress and Obama act to stop them. They include:
- Some $536 billion in tax increases, touching nearly all Americans, because various federal tax cuts and breaks expire at year's end.
- About $110 billion in spending cuts divided equally between the military and most other federal departments. That's about 8% of their annual budgets, 9% for the Pentagon.