The name given to the series of tax and spending cuts that will expire on December 31, 2012. Laws set to end include last year's temporary payroll tax breaks, the Bush tax cuts from 2001 and 2003, and specific tax cuts relating to businesses. Also, certain taxes associated with President Obama's health care reform and other spending cuts will go into effect. While the fiscal cliff would greatly reduce the budget deficit, it could very well push the United States back into recession.
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