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Higher taxes for all: The Dems' terrible fallback plan for the fiscal cliff

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With the end of the year fast approaching and the possibility of a deal to avoid the fiscal cliff looking impossible, both sides are looking at backup plans. For the Dems, that looks like the Senate bill passed last summer. It would extend the Bush tax credits for all but the top 2 percent of earners, but would not extend the payroll tax cut or unemployment insurance, would not undo the sequester, or allow the start of new infrastructure projects. All told, it could come out to 1.8 million fewer jobs in 2013.