Topprepublikan: Han lär inte satsa på infrastruktur

The United States fiscal cliff was a situation that came into existence in January 2013 whereby a series of previously enacted laws would come into effect simultaneously, increasing taxes while decreasing spending. The Bush tax cuts of 2001, which had been extended for two years by the 2010 Tax Relief Act, were due to expire on December 31, 2012. Planned spending cuts under the Budget Control Act of 2011 also came into play. That Act was passed as a compromise to resolve a dispute concerning the United States debt ceiling and address the failure of the 111th Congress to pass a federal budget. Discretionary spending for federal agencies and cabinet departments would have been reduced through broad cuts referred to as budget sequestration. Mandatory programs, such as Social Security, Medicaid, federal pay (including military pay and pensions) and veterans' benefits would have been exempted from the spending cuts. The fiscal cliff would have increased tax rates and decreased government spending through sequestration. This would lead to an operating deficit (the amount by which government spending exceeds its revenue) that was projected to be reduced by roughly half in 2013. The previously enacted laws leading to the fiscal cliff had been projected to result in a 19.63% increase in revenue and 0.25% reduction in spending from fiscal years 2012 to 2013. The Congressional Budget Office (CBO) had estimated that the fiscal cliff would have likely led to a mild recession with higher unemployment in 2013, followed by strengthening in the labor market with increased economic growth. The American Taxpayer Relief Act of 2012 (ATRA) addressed the revenue side of the fiscal cliff by implementing smaller tax increases compared to the expiration of the Bush tax cuts. Adjustments to spending were expected to be resolved in early 2013. Intense debate and media coverage about the fiscal cliff drew widespread public attention during the end of 2012 because of its projected short-term fiscal and economic impact. ATRA eliminated much of the tax side of the fiscal cliff while the reduction in spending due to budget sequestration was delayed for two months. With ATRA's passage, the CBO projected an 8.13% increase in revenue and 1.15% increase in spending for fiscal year 2013. The act resulted in a projected $157 billion decline in the 2013 deficit over 2012, rather than the sharp $487 billion decrease projected under the fiscal cliff. The raise in revenue contained in the ATRA came from: increased marginal income and capital gains tax rates relative to their 2012 levels for annual income over $400,000 ($450,000 for couples); a phase-out of certain tax deductions and credits for those with incomes over $250,000 ($300,000 for couples); an increase in estate taxes relative to 2012 levels on estates over $5 million; and expiration of payroll tax cuts (a 2% increase for most taxpayers earning under approximately $110,000). None of these changes would expire. At 12:01 am EST on January 1, 2013, the United States of America "technically" went over the fiscal cliff. Around 2 am EST on January 1, 2013, the U.S. Senate passed this compromise bill by a margin of 89–8. At about 11 pm that evening, the U.S. House of Representatives passed the same legislation without amendments by a vote of 257–167. U.S. President Barack Obama signed it into law the next day. However, the budget sequestration was only delayed and the debt ceiling was not changed, leading to the United States debt-ceiling crisis of 2013.