What is the “fiscal cliff?” It is a term first used by Federal Reserve Chairman Ben Bernanke to describe the impact on the economy of about $502 billion in expiring tax cuts and spending reductions, both separately set to occur within a two-day time frame at the end of the year. Bernanke warned that if Congress fails to deal with the issues, the fragile economic recovery could be dashed. This McClatchy Tribune One Page takes a look at the “fiscal cliff” and the impact it would have on the U.S. economy.
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