WASHINGTON (Reuters) – In the controversy surrounding the “fiscal cliff” issue, it’s easy to forget that the origin of the entire debate was a professed desire to reduce swollen federal deficits.

Whether the target was $4 trillion over 10 years, as proposed by the Bowles-Simpson deficit reduction commission, or in the $2 trillion range, as tossed around by House of Representatives Speaker John Boehner and President Barack Obama, the idea was to rein in total debt that now tops $16 trillion.

WASHINGTON (Reuters) – The Congressional Budget Office on Tuesday said Senate-passed legislation to avert the “fiscal cliff” would add nearly $4 trillion to federal deficits over a decade, largely because it would extend low tax rates for almost all Americans.

The congressional scorekeeper’s analysis was released as a number of Republicans in the House of Representatives voiced opposition to the bill, and considered amending it with deeper spending cuts.

WASHINGTON (Reuters) – The Congressional Budget Office on Tuesday said Senate-passed legislation to avert the “fiscal cliff” would add nearly $4 trillion to federal deficits over a decade, largely because it would extend low tax rates for almost all Americans.

The congressional scorekeeper’s analysis was released as a number of Republicans in the House of Representatives voiced opposition to the bill, and considered amending it with deeper spending cuts.

WASHINGTON, Jan 1 (Reuters) – The Congressional Budget
Office on Tuesday said Senate-passed legislation to avert the
“fiscal cliff” would add nearly $4 trillion to federal deficits
over a decade, largely because it would extend low tax rates for
almost all Americans.

The congressional scorekeeper’s analysis was released as a
number of Republicans in the House of Representatives voiced
opposition to the bill, and considered amending it with deeper
spending cuts.

WASHINGTON (Reuters) – The United States was headed over the “fiscal cliff” – at least temporarily – at midnight on Monday as time was running out for lawmakers to back a last-minute deal between the White House and Senate leaders to avert severe tax increases and spending cuts.

After months of fruitless argument between Republicans and Democrats, the White House and Senate reached an agreement that would delay harsh spending cuts by two months, administration sources said.

By Kim Dixon and Kevin Drawbaugh

(Reuters) – Imposing overall caps on how much high-income people in the United States can claim on their tax returns in deductions, exemptions and other tax breaks is an idea whose time may have come – again.

In the whirl of “fiscal cliff” talks, bipartisan backing has grown for imposing, or in some cases reinstating, caps on tax breaks for top earners.

By Kim Dixon and Kevin Drawbaugh

(Reuters) – Imposing overall caps on how much high-income people in the United States can claim on their tax returns in deductions, exemptions and other tax breaks is an idea whose time may have come – again.

In the whirl of “fiscal cliff” talks, bipartisan backing has grown for imposing, or in some cases reinstating, caps on tax breaks for top earners.

Dec 31 (Reuters) – Imposing overall caps on how much
high-income people in the United States can claim on their tax
returns in deductions, exemptions and other tax breaks is an
idea whose time may have come – again.

In the whirl of “fiscal cliff” talks, bipartisan backing has
grown for imposing, or in some cases reinstating, caps on tax
breaks for top earners.

WASHINGTON (Reuters) – Higher federal taxes for millions of businesses and individuals will become law on Tuesday unless Congress acts to stop them. These taxes, worth $500 billion, comprise the bulk of what is known as the “fiscal cliff” problem.

The following shows the probable impact on taxpayers if Congress does not act on Monday, or does not come back later and undo these tax increases, based on data from the nonpartisan Tax Policy Center.

WASHINGTON, Dec 31 (Reuters) – Higher federal taxes for
millions of businesses and individuals will become law on
Tuesday unless Congress acts to stop them. These taxes, worth
$500 billion, comprise the bulk of what is known as the “fiscal
cliff” problem.

The following shows the probable impact on taxpayers if
Congress does not act on Monday, or does not come back later and
undo these tax increases, based on data from the nonpartisan Tax
Policy Center.