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Fiscal Cliff

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What is this fiscal cliff?

Updated: Tuesday, 13 Nov 2012, 10:34 AM CST
Published : Friday, 09 Nov 2012, 5:09 PM CST

Tom Milbourn, FOX 11 News

So what is this fiscal cliff?

It refers to tax rate increases across the board and spending cuts for defense and domestic programs ordered by law to take effect Jan. 1, 2013.

How much of a jump for taxes?

According to the Congressional Budget Office, a family earning between $40,000 and $60,000 a year could see its taxes owed go up by as much as $2,000.