WASHINGTON -- As Election Day looms, so does a potential crisis that threatens to send the economy hurtling back into recession.
Dubbed the fiscal cliff, the double whammy of tax increases and deep spending cuts slated for Jan. 1 would siphon more than $600 billion from the US economy next year unless Congress and President Obama work together to intervene, economists say. Lawmakers return a week after the election to address the matter, but given their recent track record, along with the caustic tenor of this election season, the prospects for their success are at best uncertain.
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"Dubbed the fiscal cliff, the double whammy of tax increases and deep spending cuts slated for Jan. 1 would siphon more than $600 billion from the US economy next year unless Congress and President Obama work together to intervene, economists say" Barack Obama has NO INTENTION of working with Congress. It's my way or the highway, Obama always says. Just tax and spend, tax and spend. Just like Jerry Brown of CA.
Bobby - where have you been for the past 4 years??????????