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Washington Scrambles as Spending Cuts and Tax Hikes Loom (From November 23 Episode)i
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November 23, 2012 1:01 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 talked about this and more with On Assignment's Philip Alexiou.

Washington Scrambles as Spending Cuts and Tax Hikes Loom (From November 23 Episode)

Published November 23, 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 talked about this and more with On Assignment's Philip Alexiou.