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‘Fiscal cliff’ would mean $2.5M loss for county’s schools - The Galveston County Daily News : Local News

December 19, 2014

‘Fiscal cliff’ would mean $2.5M loss for county’s schools

Posted: Tuesday, December 18, 2012 1:00 am | Updated: 11:22 am, Mon Dec 15, 2014.

While lawmakers in Washington, D.C., continue to haggle over plans to avoid the “fiscal cliff,” local lawmakers and school district officials are getting a view of what could be waiting for them at the bottom of that cliff. 

If Congress does not come up with a plan to raise revenue, cut expenses or do both to reduce the federal deficit, a series of tax increases and spending cuts will go into effect on Jan. 1. If the country does go over the so-called cliff, then the majority of Americans will likely see their taxes increase and budgets for both defense and domestic programs slashed. 

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