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Diane Publishing Books
The äóìFiscal Cliffäó: Macroeconomic Consequences of Tax Increases and Spending Cuts
Jane G. Gravelle (au)
A major policy concern for Congress is when and whether to address the äóìfiscal cliff,äó a set of tax increases and spending cuts that would substantially reduce the deficit in 2013. In projections made in March 2012 by the Congressional Budget Office (CBO), this fiscal restraint, constituting 5.1% of output in 2013, would reduce growth to 0.5% from 4.4%. Unemployment would increase by two million. In Aug. 2012, updated estimates projected growth at a negative 0.5%. Policy choices with respect to the fiscal cliff are difficult because of the conflict between short-run and long-run economic and budgetary objectives. In the short run, the reduction in demand from the reduced budget deficits could damage an already fragile recovery. In the longer run, however, deficit reduction is needed to address a projected unsustainable debt level. Contents of this report: Introduction; The Size and Composition of the Fiscal Cliff; Legislative Proposals; Aggregate Short-Run Effects of the Fiscal Cliff; Differential Effects of the Components of the Fiscal Cliff; Implications for Policy Choices. Tables. This is a print on demand report.
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