Question of the week: What aspects of the “fiscal cliff” most concern you?Posted by | August 09, 2012
While the Bureau of Labor Statistics reported that 163,000 new jobs were created during the month of July, the actual amount of Americans working dropped by 195,000. The unemployment rate continued to rise, reaching 8.3%, marking 42nd consecutive months with an unemployment rate of at least 8%.
At the end of this year, Bush tax cuts are set to expire and automatic spending cuts of $1.2 trillion in federal spending known as sequestration will take place.
Ben Bernanke, the chairman of the Federal Reserve, said that the upcoming combination of spending cuts and the expiration of the Bush-era tax cuts on January 1st is creating a $7 trillion “fiscal cliff.”
Question of the week: What aspects of the “fiscal cliff” most concern you? (Multi-Answer)
· Automatic spending cuts to defense budget of $55 billion in 2013
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