Right Or Wrong, The Fiscal Cliff Is A Deep Drop-Off

November 14, 2012 3:46 PM

Right Or Wrong, The Fiscal Cliff Is A Deep Drop-Off
" BOULDER, Colo. (CBS4) – As we approach Thanksgiving and members of Congress travel over the river and through the woods, they may find themselves emerging from the woods at the edge of the cliff.

The deadline looms — Dec. 31. But merely coming up to that deadline may spook financial markets. Washington is the place of brinksmanship, especially in budget negotiations in recent years.

Financial publications are putting talk of deal-or-no-deal down as the reason for daily market swings. Rightly or wrongly, the fiscal cliff is a steep drop-off and at the bottom lays the potential ruins of the American economy smashed to bits by indecision.

First let’s define it. The cliff is basically an end-of-the-year deadline that will mean hundreds of billions of dollars of tax cuts will expire and more than a $100 billion in spending cuts go into place — all at once — no parachute, no walk down — just a plunge.

“You’ve got the Bush tax cuts, which are made up of a number of different items,” said University of Colorado professor of political science and author Scott Adler "

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