Fiscal Cliff


The name given to the series of tax and spending cuts set to expire at the start of 2013 that would have drastically reduced the budget deficit in the US. Laws set to end included the previous year's temporary payroll tax breaks, the Bush tax cuts from 2001 and 2003, and specific tax cuts relating to businesses. On January 1, 2013 Congress passed the American Taxpayer Relief Act of 2012 which acts only as a partial-resolution to the fiscal cliff. Further decisions regarding spending are to be hashed out in early 2013.

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fiscal agent fiscal drag