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November 14, 2012

The dome of the U.S. Capitol is lit up in Washington, DC (Brian Snyder/Reuters). What Is the Fiscal Cliff?

Without timely action from Congress, the United States faces a drastic set of tax hikes and spending cuts at year’s end that could derail the nation’s fragile recovery and spill over into the global …

August 1, 2012

Cragged bluffs rise from the sea. (Courtesy Darren Harmon). What is the Fiscal Cliff?

Without timely action from Congress, the United States is set to undergo a drastic set of tax hikes and spending cuts at year's end that could derail the nation's fragile economic recovery. The budge…

June 18, 2012

Trade
Alan Simpson (R) and Erskine Bowles (L) testify before Congress in November 2011 about their commission's plan to attack long-term budget challenges through tax and entitlement reform, along with discretionary spending cuts (Jonathan Ernst/Courtesy Reuters). Morning Brief: Delaying the Fiscal Cliff

Current legislation calls for over $500 billion in spending cuts and tax increases at the end of 2012, a “fiscal cliff” that The Economist argues politicians should postpone. While acknowledging that…

November 27, 2012

Europe and Eurasia
Greece Hurtles Toward Its Fiscal Cliff Greece Hurtles Toward Its Fiscal Cliff

The United States marches solemnly towards its fiscal cliff, awaiting only the command from the Goddess of Reason to halt. Unfortunately for Greece, that country plugged its ears back in March. L…

August 23, 2012

Trade
Congressional Budget Office Director Elmendorf gestures as he testifies before the first Joint Deficit Reduction Committee hearing on Capitol Hill in Washington Morning Brief: CBO Warns Fiscal Cliff Will Cause Recession

The nonpartisan Congressional Budget Office (CBO) predicts a recession in 2013 with an economic contraction of 0.5 percent if the "fiscal cliff" is not addressed (TheHill). The CBO director implored …

November 6, 2012

United States
Confronting the Fiscal Cliff

Policymakers must act swiftly post-election to approve a viable fiscal plan or trigger market volatility and severe damage to the U.S. economy, writes CFR’s Robert Kahn.

December 2, 2013

Thailand
An injured anti-government protester is carried by comrades during clashes with police near the Government house in Bangkok on December 2, 2013. (Damir Sagolj/Courtesy Reuters) Thailand Heads Over the Cliff

Over the weekend, Thailand’s unrest, centered in Bangkok, only went from bad to worse, with at least four people killed over the weekend, the anti-government demonstrations showing no sign of ending,…

January 2, 2013

Budget, Debt, and Deficits
The Cliff Is Dead, Long Live the Cliff

Tuesday’s fiscal agreement defuses the fiscal cliff by deferring most tax hikes and pushing back the sequester.  A deal has been made, a financial crash avoided, and near-term growth prospects look r…

December 12, 2012

Budget, Debt, and Deficits
The U.S. Capitol building in Washington, DC. What Is the Fiscal Cliff?

While congressional action lags, a series of year-end fiscal measures could derail the U.S. recovery.

December 12, 2012

Budget, Debt, and Deficits
The Fed and the Fiscal Cliff

One interesting footnote to the Fed’s decision today to introduce quantitative thresholds--that it expects to keep rates low at least as long as unemployment exceeds 6.5%, their inflation forecast do…