THE FISCAL CLIFF AND WHAT IT MEANS FOR YOU
The unemployment rate would shoot up
Up to 3.4 million jobs would be lost, according to estimates from the nonpartisan Congressional Budget Office. The unemployment rate would reach 9.1 percent from the current 7.9 percent.
Pictured, job seekers waited in line to see employers at a National Career Fairs' job fair in New York on Oct. 24.
Bebeto Matthew/Associated Press/File
- Choose another
- What is the fiscal cliff?
- Why are we headed for the fiscal cliff?
- The Bush tax cuts would expire
- Middle-income family would see their taxes increase by $2,000
- The alternative minimum tax would be imposed on more Americans
- The payroll tax cut would expire
- Many tax credits would be eliminated
- Payments to Medicare providers would be reduced
- Social Security tax cuts would expire
- Defense funding would be slashed
- Funding for domestic programs would be cut
- Many US companies would put off hiring and spend less
- Jobless benefits for the longterm unemployed would be cut
- The unemployment rate would shoot up