Allegedly, it is crucial that the US Congress and the Administration come to terms on tax and spending to avoid the so-called fiscal cliff. What is the fiscal cliff? When Congress failed earlier to come to terms on taxes and spending amidst concerns about the looming debt ceiling a deal was struck in exchange for raising that borrowing limit for the US government. The deal involved an array of automatic spending cuts that would take effect at the start of 2013. It also allowed that the already extended Bush tax cuts would expire on January 1, 2013. Now I hear … Continue reading Fiscal Cliff Notes