The Fiscal Cliff is the culmination of expiring (Bush-era) tax cuts and subsidies and initiation of spending cuts (“Sequestration”) and new taxes beginning in 2013.
Sequestration is an automatic budget cut, sanctioned under the 2011 Budget Control Act, that applies indiscriminately across the federal budget.
The total impact is estimated to be over $600 billion without counting any knock on effects.
To read the full presentation, click the thumbnail below:
