“Fiscal cliff” is the popular shorthand term used to describe the conundrum that the U.S. government will face at the end of 2012. U.S. lawmakers have a choice: they can either let current policy go into effect at the beginning of 2013 – which features a number of tax increases and spending cuts that are expected to weigh heavily on growth and possibly drive the economy back into a recession
I think it is basically all of the Simpson-Bowles commission recommendations realized.
Isn't it going to be excited - and is Romney and Ryan a deficit hawk, or is it unimportant to them? We will see.