Cliff Notes: Can America Avert Another Economic Crisis?

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  • 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?
  • 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?

What Is a Fiscal Cliff?

Fiscal cliff is a term used for the economic crisis that could occur if, on Dec. 31, a series of temporary tax cuts are allowed to expire and huge, across-the-board spending cuts are implemented.

(Photo: Chip Somodevilla/Getty Images)

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