If the Senate cannot come to a consensus by January 1 st, major changes in government spending and taxes will come about, with an almost 100 & chance of recession.
*A 4 % decline in GDP just from cuts and tax hikes, not taking into account the probability for financial panic that may ensue on Main Street
*Unemployment can shoot to 9.1 % according to the CBO
*The payroll tax rate will shoot up from 4.2 to 6.2 percent for EVERYONE
* An additional $ 114 Billion Alternative Minimum Tax hitting the middle class
*Massive cuts in defense spending as a result of sequestration, Lockheed said it could layoff 10,000 Employees
* Physician payments will go down by over 30 %.
*A crippling affect of on all Government agencies, with cuts ranging from 7.6 to 9.6 % on all departments. (Major Job Losses)