The phrase "fiscal cliff"
is now part of the American lexicon, describing the looming deadline
when tax cuts expire and spending cuts kick in. But where did the term
come from and is the image a helpful one?
No sooner had President Barack Obama awoken from his election
night victory rally than the media was discussing the next pressing
issue sitting atop his in-tray.
The so-called fiscal cliff describes the automatic tax
increases and spending cuts due to take effect on 1 January, a
combination which economists say would push the US into recession - with
global consequences.
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