Fiscal Cliff Quiz

April 2024
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Question 1

Which of the following is an aspect of the Fiscal Cliff?

expiring tax cuts
automatic spending cuts
elimination of reductions in payroll taxes
All of the above

Question 2

The Budget Control Act of 2011 requires across-the-board

sequestering of contentious members of Congress.
increases in federal income tax rates.
spending cuts to many federal programs.
reductions in the debt ceiling.

Question 3

What event or point in time marks the Fiscal Cliff?

the moment that federal spending breaks through the debt ceiling
January 1, 2013
if the federal deficit exceeds 100 percent of gross domestic product
a steep drop of 500 or more points in the Dow Jones Industrial Average

Question 4

The so-called “Bush tax cuts”

were extended in 2010 under President Obama.
resulted in a 2 percent reduction in payroll taxes.
were passed during the administration of President George H. W. Bush.
were passed as part of a Grand Bargain to reform entitlement programs.

Question 5

President Obama’s reelection means that

the current fiscal crisis can be “kicked down the road.”
Republicans will have to compromise with the president to avoid the Fiscal Cliff.
Democrats have increased leverage in budget negotiations.
reform of entitlement programs can be postponed until the arrival of the new Congress in January 2013.

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