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The Boston Globe

Nation

For Obama or Romney, an economic crisis looms

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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