An 11th-hour proposal to avert the U.S. government's so-called "fiscal cliff" was finally agreed upon as Senate and House leaders signed off late Monday night. The move comes despite a House vote later on New Year's Day, according to CBS News . Negotiations stalled for numerous reasons, some of which hinged on what to do about various government programs with automatic spending cuts and debt limits looming in the next three months.
Numbers surrounding the tense negotiations were staggering.
2 million: The number of unemployed Americans who would lose their benefits if nothing is passed. President Barack Obama stressed a "potential agreement " hinges on tax credits and incentives for working families in addition to extending unemployment benefits to taxpayers "actively looking for a job."
160,000: The number of people who work in the defense industry in California, the most of any state as of 2010.CBS News reveals many defense contractors won't know what to do in terms of payroll and potential layoffs until spending cuts go into effect for the Department of Defense.
800,000: The number of civilian employees with the Department of Defense could be forced to take unpaid days off if a new spending bill isn't authorized soon, according to CNN. The military faces a budget cut of 12 percent in 2013.
110 billion: The number, in dollars, of spending cuts set to take place automatically on New Year's Day. Negotiations would delay action on cutting the federal budget until later in the winter.
600 billion: The number, in dollars, of additional revenue that will be brought into the Treasury. The money would come from higher tax rates on individuals making more than $400,000 a year and capping some itemized deductions. Tax rates on those income earners would go up to 39.6 percent from 35 percent. The estate tax would go up to 40 percent from 35 percent.
800 billion: The number, in dollars, of new revenues Speaker of the House John Boehner, R-Ohio, agreed to during the negotiations, according to the New York Times . Democrats balked when Obama lowered his revenue estimation to $600 billion.
62 billion: The number of dollars cut from the military's budget for 2013 due to automatic spending cuts in place as of Tuesday. The Budget Control Act of 2011 mandated automatic budget cuts in 2013 if a permanent spending deal isn't reached.
24 billion: The number, in dollars, being sought in budget cuts by Republicans. This figure is in place of deeper cuts scheduled to take place, according to the CNN piece.
1.1 trillion: The number, in dollars, Medicare is expected to cost per year in 2022 without reforms. Entitlement reform is one issue Republicans, including Rep. Pat Tiberi, R-Ohio , want on the table during these negotiations.
4 trillion: The number of dollars "many observers" felt must be reached in order to bring federal government spending into balance. The dollar amount is a combination of new revenue and spending cuts. The agreed-to legislation puts off dealing with spending cuts for two months into 2013, according to the Huffington Post.
16 trillion: The number, in dollars, of the national debt as of the eve of the fiscal cliff. Rep. Mo Brooks, R-Ala. , urges Boehner to fight liberals who want tax increases on the rich when Democrats supposedly voted against tax increases for the wealthy in the past.
William Browning is a research librarian specializing in U.S. politics.
