What's This 'Fiscal Cliff' Anyway? Do I Need to Worry?
By Jeff Cox, CNBC.com Senior Writer
NEW YORK (CNBC) - "Fiscal Cliff" is a term you'll be hearing much more often between now and the end of the year. That's when a half-trillion dollars worth of tax cuts and spending boosts go by the wayside, possibly dragging the U.S. economy into the abyss of another recession.
That, however, is the worst-case scenario.
A more likely outcome, according to those who have studied the issue closely, is that Washington officials come up with a way to extend many of the items in question before automatic tax increases and spending cuts kick in that could choke the life out of the already-stumbling recovery.Global policy makers have done it during the financial crisis of 2008, the U.S. budget imbroglio in 2011, and throughout the European sovereign debt disaster.
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