An occasional series,Fiscal Cliff Notesbreaks down the looming "fiscal cliff" of expiring tax cuts and deep automatic spending cuts set to hit around the first of year.
About 80 percent of Americans would see their taxes go up if all the tax cuts signed into law by President George W. Bush were to expire as scheduled at the end of this year. And nearly 100 percent of the highest income earners would have to pay more — including both the Obamas and the Romneys.
Taxes may be certain, but growth and job creation aren't.
As the U.S. edges closer to a year-end "fiscal cliff," Democrats and Republicans haven't budged in their fight over expiring tax cuts for the wealthiest Americans — and how best to help the middle class and get the country back to work.
The economy has so much going for it: low inflation, low interest rates, affordable homes, falling gasoline prices and 27 straight months of job growth. Good times, no?
The economy is slowing, but not because of current conditions. The slowdown reflects the fear of what may be coming next. Economists say employers and investors are paralyzed by the uncertainty surrounding three huge problems: one in the United States, another in Europe and the third in China.
Did Larry Summers, the president's first National Economic Council director, just become the second Obama surrogate to stray from the talking points and endorse an extension of the Bush-era tax cuts?
Those tax cuts, which the Obama administration has said it will not extend for the very rich, are due to expire at the end of the year. Along with deep cuts in government spending scheduled to take place at the same time, many have called the end of the year a "fiscal cliff" that would plunge the economy back into recession.