Fiscal Cliff

6:00am

Sun September 16, 2012
Politics

Republicans Gardner, Lamborn Vote No On Stopgap Measure

4th District Congressman Cory Gardner speaks to a constituent during a September 15th campaign stop in Greeley.
Nathan Heffel KUNC

The US House passed a six-month short term spending measure last week which will keep the federal government running into next spring. Passed by a bipartisan vote of 329-91, the bill now makes its way to the Senate, which is expected to pass it through for the President’s signature next week. 

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3:48pm

Fri September 14, 2012
It's All Politics

White House Details 2013 Cuts If Congress Doesn't Avert Fiscal Cliff

Originally published on Fri September 14, 2012 3:50 pm

The White House Friday released a report detailing, in part, what life would look like on the other side of the fiscal cliff, which could occur at the end of the year.

Under orders from Congress, the administration detailed exactly how it would administer painful cuts to both defense and domestic programs that were ordered under last year's budget deal.

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2:48pm

Fri September 14, 2012
The Two-Way

White House: Sequestration Would Be 'Deeply Destructive'

The White House provided its first assessment of what would happen if Congress fails to act and allows about $100 billion worth of automatic budget cuts to take effect on Jan. 2.

In its estimation (pdf), the White House's Office Of Management and Budget says this so-called "sequestration" would have a "devastating impact" on government programs including defense.

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10:59am

Tue September 11, 2012
The Two-Way

Moody's Warns Of Downgrade If Congress Doesn't Move On Fiscal Cliff

Speaker of the House John Boehner says he has little of hope of reaching a resolution on the so-called "fiscal cliff."
J. Scott Applewhite AP

12:47am

Wed September 5, 2012
It's All Politics

Payroll Tax Holiday May Not Survive Year's End

Originally published on Wed September 5, 2012 2:46 am

The Social Security tax rate is scheduled to revert to 6.2 percent next year, up from the temporary reduction — to 4.2 percent on an employee's first $110,000 in wages — which has been in effect since January 2011.
iStockphoto.com

An occasional series, Fiscal Cliff Notes breaks down the looming "fiscal cliff" of expiring tax cuts and deep automatic spending cuts set to hit around the first of year.

If you work, you've probably been getting this tax break: Since January 2011, the government has knocked 2 percentage points off the payroll tax.

For someone making $50,000 a year, the payroll tax holiday works out to about $20 a week.

"We definitely notice it," says Steve Warner of Winter Haven, Fla., while on vacation with his family recently in the nation's capital.

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