By the numbers: Fiscal cliff
Updated On: Dec 12 2012 11:46:01 PM CST
Time is running out for congressional Republicans and President Barack Obama to strike a deal to avert the fiscal cliff. If the two parties can't come to an agreement before the end of the year, a combination of broad tax hikes and deep government spending cuts take effect . Experts warn of a new recession if Washington goes over the fiscal cliff.
Here's a by-the-numbers look at the fiscal cliff and its impact:
The current situation:
$16.3 trillion -- The amount of the current national debt.
71% -- The percentage of every tax dollar going to support Medicare, Medicaid, Social Security and interest on the debt.
2026 -- The year that all federal tax revenue could potentially go to supporting Medicare, Medicaid, Social Security and interest on the debt, unless changes are made.
What the fiscal cliff will do:
January 2, 2013 -- The date that automatic tax increases and spending cuts will go into effect, unless a deal is reached.
$7 trillion -- The total amount of tax increases and spending cuts included in the fiscal cliff, spread out over the next 10 years.
$1.2 trillion -- The amount of deficit reduction possible over the next 10 years, with the fiscal cliff's spending cuts and tax increases.
$55 billion -- The amount expected to be cut from non-defense spending in 2013. This includes education, aviation safety and other programs.
$55 billion -- The amount the Department of Defense will have to cut from discretionary spending in 2013.
$500 billion -- The amount the Department of Defense faces in potential cuts over 10 years.
90% -- The percentage of Americans who will pay more taxes in 2013, if a deal on the fiscal cliff isn't reached.
$2,000 -- Amount the Tax Policy Center estimates that middle class families will have to pay in additional taxes in 2013, if a deal isn't reached.
$1.4 trillion -- The amount the White House has proposed in new tax revenues, to reduce the deficit.
$800 billion -- The amount that the GOP has proposed to reduce the deficit, by enacting tax reform and eliminating some deductions and loopholes.
49% -- The percentage of people polled who approve of President Barack Obama's handling of the fiscal cliff negotiations.
25% -- The percentage of people polled who approve of House Speaker John Boehner's handling of the fiscal cliff negotiations.
42% -- The percentage of people polled who disapprove of President Barack Obama's handling of the fiscal cliff negotiations.
49% -- The percentage of people polled who disapprove of House Speaker John Boehner's handling of the fiscal cliff negotiations.
Copyright 2012 by CNN NewSource. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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