What is the Fiscal Cliff?

Somebody started the term “Fiscal Cliff.” What exactly is the Fiscal Cliff that we’re about to run over?

The Bush tax cuts are expiring. They were meant to be temporary. Time has run out and on January 1, 2013, we’ll go back to the Clinton tax rates.

The tax rates that were in place when the economy boomed unlike at any other time in the last 50 years, the tax rates that were in place when the government produced a surplus and we were paying off our debt so we would not burden our children and grandchildren with it.

Some cliff, I say.

I am shaking in fear of the unimaginable hell, the utter disaster, of this Fiscal Cliff.

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