January 13, 2013
Nonprofits and the Fiscal Cliff: What’s Next
What exactly did Congress agree to this month?
Lawmakers adopted a package of measures on New Year’s Day to avoid tax increases and about $109-billion in across-the-board spending cuts that were scheduled to take place in January. Those cuts would have sliced 8.2 percent from a wide range of social programs.
The deal included some tax increases on wealthy Americans but delayed the spending cuts until March 1.