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