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2 Bumps

What is the fiscal cliff?

I have a hard time following politics and understanding any of it. I tried reading into it. But was easily confused.

Could someone describe it using laymens terms?

Answer Question

Asked by Anonymous at 4:28 AM on Dec. 31, 2012 in Politics & Current Events

Answers (8)
  • All I know is more taxes from everyone, cutting off extended unemployment benefits, the price of everything going up even more, some people might not be able to file taxes until late March, earned income tax credit will go down to only 2 children @ $500 each instead of $1000.

    Answer by Anonymous at 5:28 AM on Dec. 31, 2012

  • It is mostly about taxes.

    Answer by louise2 at 6:50 AM on Dec. 31, 2012

  • The spoiled teenagers need to get the credit limit on their MasterCard raised or their parents (us) are going to have to fork over extra money to cover their bills for the foreseeable future. Neither is a good solution - if they raise the limit and repass the cuts, we pay less short term, but our long term debt grows exponentially. If they let it slide, everyone pays more today, whether they can afford it or not and the global economy craps its pants.

    Answer by NotPanicking at 9:25 AM on Dec. 31, 2012

  • We won't know for sure until we get there. Since congress hasn't come to any agreements then sequestration will happen. Sequestration was agreed to back in Nov. I think. It will be a series of deep cuts to the federal budget including military cuts (which will affect military families) and jobs contracted with the military, and more, I'm not sure what else sequestration will trigger but this will happen at the same time that taxes are going up on everyone. This includes the payroll tax which was included in the Bush tax cuts. All the Bush tax cuts will be reversed. All this at the same time the Affordable Care Act (not so affordable after all) will raise taxes and expenses on health care. Basically, a possible taxamaggeden.

    Answer by HHx5 at 9:54 AM on Dec. 31, 2012

  • It's supposed to be across the board cuts and taxes. I guess I'm most likely in the minority because if it will drop our debt in the long run I'd rather take the pain of the cuts now. It's going to come some time or other and I'd rather get it over with now so the pain will start to heal. The cuts will hurt a lot of people including my own family but I'm one of those lets get it done and over with people.

    Answer by baconbits at 12:16 PM on Dec. 31, 2012

  • The government is gonna fuck us all cause they can't play like good little boys and girls and grow up. So us Americans are gonna get screwed in the ass without even a kiss. But they still found enough money to give a raise to the people in congress. And if still agreement is met with that both parties will agree on, we will go into another recession worse then the one before. While Obama didn't do this all by himself, he did it with the help of the presidents before him. But Obama sure in the hell made matters worse when he came into the picture.

    Answer by Michigan-Mom74 at 6:21 PM on Dec. 31, 2012

  • Commence global pants crapping. The assorted financial talking heads on the news so far this evening are not pleased.

    Answer by NotPanicking at 7:20 PM on Dec. 31, 2012

  • your taxes...

    Answer by GlitteribonMom at 5:26 PM on Jan. 8, 2013

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