Fiscal Cliff

"Fiscal cliff" is the popular term used to describe the dire financial situation that the United States faces at the end of 2012. If the federal government does not enact changes on December 31, 2012, a number of laws will change that will end the 2012 temporary payroll tax cuts, end some tax breaks for businesses and rollback tax cuts made by former President Bush and some of the taxes related to Obamacare. If this happens and America goes over the "cliff," it will affect the national debt and may lead to a recession. Because of political gridlock and in-fighting, Congress had not effectively resolved this pending crisis in the last days of 2012.

The Latest on Fiscal Cliff

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House Passes Bill to Diffuse Debt Crisis

The House passes a bill to diffuse the debt crisis on Wednesday. The bill enables the government to avoid default on debt limit.

First Lady Michelle Obama Isn't Feeling Speaker John Boehner

A video captures First Lady Michelle Obama rolling her eyes at House Speaker John Boehner.

Obama: Don't Let Politics Get in the Way of Fixing the Economy

In his final press conference, President Obama addresses the economy, gun control and diversity in the White House Cabinet.

Hardball: GOP Weighs Government Shutdown and Debt Ceiling Default

Republican lawmakers consider drastic measures to force President Obama's hand on spending cuts.

Commentary: Three Tips to Diversify the White House

Three guiding principles that could help the White House or any organization seeking to achieve greater diversity.

Obama Expected to Tap White House Chief of Staff Jack Lew to Head Treasury

President Obama is expected to tap White House chief of staff Jack Lew to head the Treasury Department.
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