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Forbes: A Guide to Understanding the Fiscal Cliff

2. How Did We Get Here?

In August 2011, Congress passed the Budget Control Act. This temporarily raised the nation’s debt limit by $2.1 trillion. The legislation mandated that Congress reach a more long-term solution; if not, then the law calls for that collection of tax increases and spending cuts to start after running through that $2.1 trillion—this happens in December. Thus, the current situation.

Moreover, the act lowered the projected funding for many government organizations by $1 trillion and ordered the Supercommittee to find another $1.2 trillion to cut.

Source: Center On Budget And Policy Priorities

(Getty Images)

More from Forbes:
Do You Have Enough Money to Retire?
How to Negotiate a Year-End Raise
The Best and Worst States for Retirement



The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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