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Bookmark or Share- 2013 United States budget sequestration - WikipediaThe sequestration became a major topic of the fiscal cliff debate. The debate's resolution, the American Taxpayer Relief Act of 2012 (ATRA), eliminated much of the tax side of the dispute but only delayed the budget sequestrations for two months, thus reducing the original $110 billion to be saved per fiscal year to $85 billion in 2013.
- Fiscal Cliff Explanation and Causes - The BalanceThe fiscal cliff is a combination of five tax increases and two spending cuts that were scheduled to occur on January 1, 2013. If Congress hadn’t taken action in time, taxes would have increased and government spending would have been drastically reduced in one day.
- Fiscal Cliff: Meaning, History, How It Was Fixed - InvestopediaWhat Is a Fiscal Cliff? Fiscal cliff is a term coined to describe a rare combination of expiring tax cuts and government spending cuts that was perceived as threatening U.S. economic...
- Fiscal Cliff - Meaning, Explained, Examples, Vs Fiscal DragThe fiscal cliff refers to a situation favoring and indicating the occurrence of economic contraction and recession due to the combined effect of tax cuts nearing expiration and reduced government spending.
- United States fiscal cliff - WikipediaThe United States fiscal cliff refers to the combined effect of several previously-enacted laws that came into effect simultaneously in January 2013, increasing taxes and decreasing spending. The Bush tax cuts of 2001 and 2003, which had been extended for two years by the 2010 Tax Relief Act, were scheduled to expire on December 31, 2012.
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