No, really. What is it?

A:

If no changes to the Budget Control Act of 2011 are made before January 1, 2013, the Bush tax
cuts will expire (including those for the rich), as will the payroll tax cuts. Extended
unemployment benefits will be ended, and an additional $110 billion in spending cuts will go
into effect. Half of the cuts will be in defense and half in discretionary domestic programs, which
fund anti-poverty programs and the federal regulatory agencies.

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