Facing the fiscal cliff?
- 28 November 2012
- From the section US & Canada
The 'fiscal cliff' is due to hit the USA on 31 December. If it does happen, what will it mean for you? BBC News will be covering the issue and would like to hear your story.
A number of temporary tax cuts and economic stimulus measures are due to expire at the end of the year, just as huge automatic spending cuts are introduced.
This double whammy means the US will be staring over the fiscal - or financial - cliff.
There is a planned $607bn of cuts and tax rises, including reductions in the defence budget, the end of an employee tax holiday, changes to Medicare allowances and higher personal taxes. The lower paid will lose some child and income credits, while the long-term unemployed will lose their right to continue drawing benefits.
How will the fiscal cliff affect you? Are you a business whose overheads will now rise? Are you in a family who may lose benefits? Are you retired and worried about healthcare and pensions? Whoever you are and whatever you do, if you're affected by the fiscal cliff, BBC News would like to hear from you.