As Congress Tackles Deficit, Medicare Reimbursement and Workforce Training Endangered
With the November elections over, Congress seeks to work out a compromise to avert the fiscal cliff. On Jan. 1, the Bush tax cuts will expire, increasing annual tax assessments by roughly $600 billion. In addition, federal government programs are set to undergo sequestration—a combination of automatic cuts—of approximately $120 billion in CY 2013. If the combination—the so-called “fiscal cliff”—goes into effect, many economists project the U.S. economy could go back into a recession.
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