Cliff Notes: Can America Avert Another Economic Crisis?

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  • How Will Cuts Impact Entitlement Programs?
  • Are Any Programs Exempt From Automatic Cuts?
  • What Will Be the Impact on the Economy?
  • Why Won't Lawmakers Just Make a Deal?
  • What Happens If There's No Deal by Dec. 31?
  • Blame Game
  • What Is a Fiscal Cliff?
  • How Did We Get Here?
  • The Sit Down
  • Stalemate
  • Home Alone
  • Times a' Ticking
  • Plan Big Fail
  • How Large Would the Tax Increases Be?
  • What Does This Mean to My Wallet?
  • Will Other Taxes Rise?
  • What Kinds of Spending Cuts Will Be Made?

What Happens If There's No Deal by Dec. 31?

Lawmakers could come to some sort of temporary agreement that includes cuts and revenue increases to buy themselves a few months. But that would just be putting off the inevitable with the added cost of much-needed political capital for both sides.

(Photo: Reuters/Max Whittaker)

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