What is this fiscal cliff?

WLUK TV

Updated: Nov 13, 2012 10:34 AM

So what is this fiscal cliff?

It refers to tax rate increases across the board and spending cuts for defense and domestic programs ordered by law to take effect Jan. 1, 2013.

How much of a jump for taxes?

According to the Congressional Budget Office, a family earning between $40,000 and $60,000 a year could see its taxes owed go up by as much as $2,000.

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