The $7 trillion fiscal cliff – Apr. 30, 2012

 

Congress has invented a new extreme sport: Skating on the edge of a $7 trillion fiscal cliff.

That’s the magnitude of tax increases and spending cuts that will start to hit the economy on Jan. 1, 2013, unless Congress acts.

And how Congress navigates that fiscal cliff will affect economic growth, Americans’ wallets and the country’s fiscal outlook. (Fiscal cliff: What should Congress do?)

"There is about $7 trillion there that … could be taken out of the economy in a really stupid way that would likely push us into a recession immediately," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

The $7 trillion fiscal cliff – Apr. 30, 2012