Fiscal cliff: With election over, attention turns to debt
Published: November 8, 2012 10:56AM
Updated: November 8, 2012 01:18PM
FILE -In this Friday, Feb. 20, 2009, file photo, President Barack Obama listens as Vice President Joe Biden speaks in the East Room of the White House. Asked to name the one step they'd push most urgently if they were the newly re-elected President Barack Obama, a dozen leading economists advise President Barack Obama to sidestep the "fiscal cliff" during his second term of office. Economists say that the package of tax increases and deep spending cuts that will take effect in January unless Congress reaches a budget deal by then, could tip the U.S. economy back into recession next year. (AP Photo/Ron Edmonds, File)

Now that the election is over, Washington’s attention is turning to the fiscal cliff, a set of policy changes which would raise taxes and cut spending automatically at the end of the year unless Congress acts.

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