If you have picked up a newspaper or turned on the television to watch the news, you have more than likely heard about the impending “fiscal cliff” of doom. When I hear this term, I immediately imagine hopelessness–a point of no return…(much like the picture [below] suggests).
The term fiscal cliff became popular this past year when Ben Bernanke, chairman of the U.S. Federal Reserve, used it to describe laws on the books–coming into effect in 2013–as:
…a massive fiscal cliff of large spending cuts and tax increases.
But what is it?
For more on that, check out A Fiscal Cliff in History!