National

Josh Kalven: The Fiscal Cliff (Explained in 5 Minutes)

From Josh Kalven at the Huffington Post:

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With the elections over, the nation’s attention has turned to a set of spending cuts and tax increases scheduled to go into effect at the start of next year. All totaled, these measures would take more than $600 billion out of the economy in 2013.

Many are referring to these impending policy changes as the "fiscal cliff," while others prefer less alarmist metaphors such as "fiscal slope"…

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