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Dec 20, 2012

Fiscal Cliff: $607 Billion Automatic Budget Deficit Reduction

Reuters shows in this graph the reduction in the budget deficit that will take place automatically when Democrats and Republicans in Washington don't reach an agreement before the end of the year about how to avoid the fiscal cliff. The biggest part of the reduction comes from the Bush-era tax cuts that expire: 221 billion dollar. Payroll tax relief expiring (95 billion) is also a big tax increase. One of the budget cuts is that Emergency Unemployment benefits will expire.

Will Washington let this happen?
Reuters

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