AP News

News Summary: Going over the 'fiscal cliff'


OVER THE CLIFF: The dealmakers who warn that a year-end plunge off the "fiscal cliff" — the automatic increases in taxes and cuts in government spending scheduled for next year — would be disastrous don't seem to be rushing to stop it.

THE WHY: Some lawmakers argue that briefly going over the cliff is the best way to force a compromise.

THE RISK: The Congressional Budget Office predicts that the fiscal cliff policies, if left unchecked too long after the new year, would spark a recession later in 2013 and send the unemployment rate above 9 percent by fall.


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