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Washington Scrambles as Spending Cuts, Tax Hikes Loomi
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Michael Bowman
November 12, 2012 2:33 PM
Unless the U.S. Congress acts by year’s end, federal taxes will rise for all income groups, and across-the-board spending cuts will go into effect. Economists say the combination of tax hikes and budget cuts -- commonly known as the fiscal cliff -- could send the U.S. economy back into recession. VOA’s Michael Bowman in Washington reports on efforts to forge a bipartisan solution that, so far, has eluded a politically-divided Congress.

Washington Scrambles as Spending Cuts, Tax Hikes Loom

Michael Bowman

Published November 12, 2012

Unless the U.S. Congress acts by year’s end, federal taxes will rise for all income groups, and across-the-board spending cuts will go into effect. Economists say the combination of tax hikes and budget cuts -- commonly known as the fiscal cliff -- could send the U.S. economy back into recession. VOA’s Michael Bowman in Washington reports on efforts to forge a bipartisan solution that, so far, has eluded a politically-divided Congress.