New Research - Obama, Congress Face 'Fiscal Cliff'

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Obama, Congress Face 'Fiscal Cliff'

Newly re-elected U.S. President Barack Obama and his political opponents in Congress are facing an end-of-the-year deadline to reach a deal on taxes and spending cuts that has proved both contentious and elusive for the last two years.

 As it stands, $600 billion in spending cuts for key defense and domestic programs are set to take effect January 1, and tax cuts affecting all American workers would expire, with the government then taking more money out of their paychecks.

 The country's ...

Source: Obama, Congress Face 'Fiscal Cliff'