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Forbes: A Guide to Understanding the Fiscal Cliff

7. What Can We Do?

The U.S. must either cut the dollars given to entitlement programs or increase taxes. Alternatively, a combination of those would work. Striking that balance between spending cuts and tax hikes, of course, is what currently bedevils Washington, D.C.

Health care programs and Social Security will be foremost on the chopping block. Both represent tens of billions in potential cuts. Meantime, there is equal opportunity to make a difference with tax hikes, such as increasing the maximum taxable earnings under the Social Security payroll tax.

Source: CBO

(AFP/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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