The fiscal cliff we hear about these days is actually the off ramp to the fiscal abyss we have been hearing about for years. The cliff is the meeting of several laws enacted by Congress and the Administration that would dramatically cut government budgets and significantly increase taxes all at the same time in January 2013. This would probably send the nation into a deep recession or even a depression. But if we had solved the larger federal deficit and debt issues BEFORE, there would have been no need for most of these fiscal cliff laws in the first place. Solving the near term fiscal cliff issue only postpones the off ramp. Unless we deal with the underlying federal deficit and debt crisis, we are just moving on down the road to the next exit.
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