The Federal Reserve Chairman, Ben Bernanke, has spoken:

If Congress doesn’t take action by the end of the year, a package of tax cuts adopted during George W. Bush’s administration expire while deep spending cuts kick in. If that happens, the economy would go over a “fiscal cliff.” 

The Federal Reserve Chairman, Ben Bernanke, has spoken:

If Congress doesn’t take action by the end of the year, a package of tax cuts adopted during George W. Bush’s administration expire while deep spending cuts kick in. If that happens, the economy would go over a “fiscal cliff.”