The Fiscal cliff is a term to describe the problems the U.S. Government will have to deal with at the end of 2012 by December 31st. The problem that the government has to deal with is the Budget Control Act of 2011, this law basically means a lot of tax increases and pay cuts. The government is left with three choices 1. Continue with the scheduled plan, this will raise taxes and cut pay and may potentially send the country back into a recession. 2. Cancel some or all of the tax raises and pay cuts, this would add to the U.S. deficit and would be similar to Europe's deficit crisis. 3. go down the middle allowing some cuts and raises, this would slow down the growth of the economy. The Republicans want to limit deductions while the Democrats want to make rates higher on the rich.
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2. I found everything to be helpful.
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