News Summary: Going Over The 'fiscal Cliff'

The Associated Press

OVER THE CLIFF: The dealmakers who warn that a year-end plunge off the "fiscal cliff" â¿¿ the automatic increases in taxes and cuts in government spending scheduled for next year â¿¿ would be disastrous don't seem to be rushing to stop it.

THE WHY: Some lawmakers argue that briefly going over the cliff is the best way to force a compromise.

THE RISK: The Congressional Budget Office predicts that the fiscal cliff policies, if left unchecked too long after the new year, would spark a recession later in 2013 and send the unemployment rate above 9 percent by fall.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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