As Washington grows more preoccupied with elections and less interested in compromise, the economy is headed for a train wreck at the end of the year that will affect just about everyone. Popular tax breaks for families, temporary cuts in Social Security and income taxes, and an array of other tax breaks will expire Dec. 31. At the same time, the government will be required to cut tens of billions a year, taking a particularly deep swipe at defense spending vital to the Hampton Roads economy. In all, more than $7 trillion in tax increases and spending cuts spread across 10 years will begin to take effect Jan. 1.
http://hamptonroads.com/2012/05/another-governmentfinancial-meltdown-horizon
