Telephone lines were open for comments on the Obama administration’s offer to Republicans to avoid the “fiscal cliff.”… read more
Telephone lines were open for comments on the Obama administration’s offer to Republicans to avoid the “fiscal cliff.” The proposal included $1.6 trillion in tax revenue, $400 billion in unspecified cuts to Medicare and Social Security, and a one-year deferral to sequestration.
“Fiscal cliff” referred to the impending tax increases and sequestration budget cuts at the end of 2012 if Congress failed to reach a new budget agreement.*Sequestration, a legal procedure in which automatic budget cuts are triggered, was agreed to in the Budget Control Act of 2011. close
*The transcript for this program was compiled from uncorrected Closed Captioning.
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