Shay Stewart News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Deficit sequestration, and of course, the fiscal cliff. Listening to breathless elected officials discuss the fiscal cliff can be terrifying. As the story goes, weve made some bad choices over the years. Weve tried to outrun it, but in the ends were trapped and it sounds like like our country is facing this. But lets just take a moment and breathe. Because fear is not going to help. And facts will. Here are some of the facts. If a new plan for the federal budget is not reached between congress and the white house by the end of the year, january 1, 2013 will be the first day that significant spending cuts and meaningful tax increases take effect. Adding up to about 500 billion in 2013 alone. Now, lets remember this cliff is manufactured. The result of lawmakers tying each others hands back during the 2011 debt ceiling debacle. First all of the bush era tax cuts would be eliminated. Bringing taxes on nearly every taxpayer and many businesses back to the preet2001 rates. The payroll tax c

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