Fiscal Cliff - Cheat Sheet - Explained in 3D Infographics
The Fiscal Cliff is the name given for the 2013 increase of Federal Government taxes and budget cuts.
The Bush-era tax cuts expire and the 2013 “Budget Control Act” kicks in, among other budget cuts & new taxes.
The Fiscal Cliff is set to reduce the 2013 US Government budget deficit by roughly half.
The Fiscal Cliff will remove $607 Billion from economy (GDP), resulting in 4% drop, pushing it back into recession.
The Fiscal Cliff can NOT be avoided. It must happen to fix the budget deficit; any delay must be paid for later.
The Fiscal Cliff will NOT reduce the US debt, only slow down the growth.
The Fiscal Cliff’s size and impact are visualized below in physical $100 bills.