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Bookmark or Share- Fiscal Cliff - InvestopediaThe fiscal cliff refers to a critical imbalance in the federal government's revenues vs. obligations, creating a looming budget deficit shortfall if Congress does not act quickly.
- Fiscal Cliff Explanation and Causes - The BalanceThe fiscal cliff is a combination of five tax increases and two spending cuts that were scheduled to occur on January 1, 2013. If Congress hadn’t taken action in time, taxes would have increased and government spending would have been drastically reduced in one day.
- The Fiscal Cliff: Explanation and Causes - FortunlySo the definition of the fiscal cliff is a crisis driven by tax cuts and government spending cuts all expiring at the same time. The name evokes imagery of falling over a cliff. That’s appropriate, as the economy was figuratively teetering on the edge of a cliff. Experts said it was poised to suffer a massive fall, the worst in 60 years or more.
- What Is the Fiscal Cliff? | Council on Foreign Relations - CFRThe "fiscal cliff" is a term used to describe a bundle of momentous U.S. federal tax increases and spending cuts that are due to take effect at the end of 2012 and early 2013.
- United States fiscal cliff - WikipediaThe United States fiscal cliff refers to the combined effect of several previously-enacted laws that came into effect simultaneously in January 2013, increasing taxes and decreasing spending. The Bush tax cuts of 2001 and 2003, which had been extended for two years by the 2010 Tax Relief Act, were scheduled to expire on December 31, 2012.
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