Monday, 31 December 2012

Fiscal Cliff

Please, please will someone truthfully explain the 'fiscal cliff' to me?

(Clearly I am not MW!)

4 comments:

Richard Allan said...

If they don't make a deal in a couple of days then "discretionary" spending (ie. military and some welfare state) will be frozen for a year, then start to increase again. Also the Bush tax cuts will expire.

Chuck said...

A Scottish version of an elderly rock singer?

Mark Wadsworth said...

L, it's just a made up phrase like "pensions time bomb" or "catastrophic climate change" or "peak oil".

Lola said...

Thank you all.