Fear of Falling: What Will Going Over the Fiscal Cliff Mean to You?
The fiscal cliff's impact on individuals and the economy.
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What's at Stake? - House Speaker John Boehner's Plan B proposal to increase taxes on incomes of $1 million and above was a major setback for the fiscal cliff negotiation process. But as President Obama and congressional lawmakers continue their struggle to reach a deal, millions of Americans may need to craft their own Plan B. Here's the 411 on what could happen if the nation falls over the cliff. – Joyce Jones (Photos: Alex Wong/Getty Images)
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Unemployment - The nonpartisan Congressional Budget Office reports that the automatic spending cuts and tax hikes that would result from going over the cliff would send the U.S. economy into a new recession. Unemployment would also rise to 9.1 percent by the end of 2013. (Photo: Matthew Staver /Landov)
Photo By Photo: Matthew Staver /Landov
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Unemployment Insurance - Approximately 2 million Americans may lose federal unemployment insurance benefits that aid the long-term unemployed. (Photo: REUTERS/Jason Reed)
Photo By Photo: REUTERS/Jason Reed
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Government Jobs - According to a report by George Mason University's Center for Regional Analysis, approximately 277,000 public sector workers will lose their jobs as a result of spending cuts. And, in the next 10 years, the government workforce would be reduced by about 14 percent. (Photo: Getty Images/STOCK)
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Payroll Tax Holiday - Deal or no deal, lawmakers are likely to allow the temporary Social Security payroll tax holiday to expire and the rate will increase by 2 percent. That means an average $40 less per paycheck. (Photo: Mark Wilson/Getty Images)