The newspapers are ablaze with news about the “fiscal cliff.” Financial markets are nervous — this set of spending cuts and tax increases that are scheduled to go into effect at the start of next year would almost certainty slow an already sluggish economy. At this juncture, the President and Republicans have yet to come to a resolution.
So what is this looming “fiscal cliff” anyway? To explain the history, potential consequences if not resolved, and potential solutions, Newsbound created a well-crafted presentation well worth your five minutes to review it.
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