What is the Fiscal Cliff?

While we’ve heard the term “Fiscal Cliff” on a daily basis, many people are not exactly sure what that means. In short, it’s a combination of the pending tax increases (expiring Bush Tax cuts) as well as the mandatory spending cuts that are due to take effect (created by the Budget Control Act of 2011). Certainly it is a bit more involved than that, however, we have attached a breakdown (by the U.S. Chamber of Commerce) that explains the major components.

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