Cliff, end quote. Heres what he was describing on january 1, 2013, tax breaks worth 416 billion will expire. Spending on things like defense, medicare payments to doctors will be slashed by 65 billion. Add it all up and you are talking about cutting roughly half a trillion dollars from the federal budget. The Congressional Budget Office and others warn going over the cliff will send the economy into a recession in the first half of next year. It was congress and the white house that set the deadline in hopes of forcing each other to cut the federal budget deficit and begin to address the growing national debt. Of the half trillion dollars the fiscal cliff is designed to cut in red ink next year, 80 of it comes in the form of higher taxes. Under current law, 20 comes from lowering government spending. This is just the first step as part of a 7 trillion effort to cut the debt over the next decade. That has led some to describe what could be coming as a fiscal slope, not a cliff. Whatever
Of the coming cliff and whether congress and the white house can strike a deal. Tom that and more tonight on n. B. R. it was the chairman of the Federal Reserve ben bernanke who first called it a fiscal cliff. He described the coming automatic cuts in Government Spending and increases in taxes as, quote, a massive fiscal cliff, end quote. Heres what he was describing on january 1, 2013, tax breaks worth 416 billion will expire. Spending on things like defense, medicare payments to doctors will be slashed by 65 billion. Add it all up and you are talking about cutting roughly half a trillion dollars from the federal budget. The Congressional Budget Office and others warn going over the cliff will send the economy into a recession in the first half of next year. It was congress and the white house that set the deadline in hopes of forcing each other to cut the federal budget deficit and begin to address the growing national debt. Of the half trillion dollars the fiscal cliff is designed t
Applegates gather to celebrate four generations of family in Bay Head starnewsgroup.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from starnewsgroup.com Daily Mail and Mail on Sunday newspapers.
100 years of Seattle complaints: Seattle has been dying for a long time May 18, 2021
Seattle is dying. Now. Then. Always. We take a look at how every generation gripes about losing their nostalgic Old Seattle. Plus, a recap on Governor Inslee s signing ceremony, which includes some surprise and controversial vetoes. Lastly, the latest of our ongoing weekly conversations with candidates running for Seattle mayor.
Individual segments are available in our podcast stream or at www.kuow.org/record.
Governor Inslee vetoes the legislature s grand bargain in climate bills
Three climate bills were at the center of the governor s signing ceremony yesterday. Two of them saw critical vetoes that undid hard-won concessions in the legislature. Bill Radke speaks with the Seattle Times Hal Bernton about what this means for the legislation going forward.