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As 'fiscal cliff' looms, city leaders look at possible impact
As the country inches toward the so-called "fiscal cliff" that would bring tax increases and spending cuts on Jan. 1, city leaders are looking at how New York could be affected.
The City Council Monday released a report detailing what may happen if leaders in Washington fail to reach an agreement. Here's what it found:
HIGHER TAXES
Single Mother with Two Children
Income: $24,000
Tax Increase: $1,670
Loses child-care tax credit
Middle Class Couple with Two Children
Income: $81,000
Tax Increase: $2,200
$300 MILLION IN SPENDING CUTS
More crowded schools: $48 million less in Title I for low-income schools
A less safe city: $25 million less for NYPD anti-terrorism protection
Less affordable housing: 8,000 fewer Section 8 vouchers
4,000 fewer childcare slots for working families: $40 million cut to Child Care Block Grant & $15 million cut to Head Start
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