‘Fiscal Cliff’ Consequences
What will happen to your family if Congress can’t come together and the country goes of that so-called ‘fiscal cliff’?
FOX News Radio’s Jared Halpern crunched the numbers and reports from Washington DC:
A middle-income family earning between $40,000 and $64,000 dollars a year would be on the hook for an extra two-grand, if a slew of tax cuts are allowed to expire at year’s end. The Tax Policy Center warns all told, about 90% of households would face a tax hike. Both Democrats and Republicans have sparred over the expiring Bush-era tax rates, setting aside the issue likely until after the election. Economists warn the looming tax hikes, combined with another $109 billion dollars in automatic spending cuts scheduled for January, could set the economy back into a recession.
In Washington, Jared Halpern, FOX News Radio.
