Highlights of the approaching 'fiscal cliff'

Published on NewsOK Modified: December 2, 2012 at 10:02 am •  Published: December 2, 2012
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—The expiration of unemployment benefits for the long-term jobless. Cost: $26 billion.

—A sharp cut in reimbursements for doctors participating in Medicare. Cost: $11 billion.

—The expiration of Obama's temporary 2 percentage point cut in payroll taxes. Cost: $95 billion.

—A variety of smaller taxes cuts for both businesses and individuals collectively known as tax "extenders." They include a tax credit for research and development and a deduction for sales taxes in states that don't have an income tax. Cost: about $65 billion.

—A need to increase the government's borrowing cap (the so-called debt limit) of $16.4 trillion. The government is expected to hit the cap late this year but the Treasury Department has the authority to juggle certain accounts to buy several more weeks of time so that Congress won't have to act until early next year.



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