Business

The Ultimate Guide To The Fiscal Cliff — Here’s What It Is, And What It Could Do To The Economy

Business
@https://twitter.com/candicelanier

Candice writes for several publications, including The Christian Post, Red State, The Black Sphere and Patriot Update. She is the Science & Tech Editor at the Minority Report Blog and the founder and Editor-in-Chief at Front Lines. She's also the founder of Candice Lanier's Tech News and works as a computer consultant. Additionally, Candice is an antiques dealer.

With the elections out of the way, attention has again turned to the fiscal cliff – the over $600 billion in tax and spending provisions set to change on January 1, 2013.

The fiscal cliff has in recent months risen to the top of investor concerns ahead of Europe’s debt crisis, the slow economic recovery and China’s slowdown.

President Obama has refused to back down from raising taxes on the rich. Republicans on the other hand want broader tax reform and spending cuts, and refuse to raise taxes. Both sides have said they’re open to some sort of compromise but a year-end grand bargain is unlikely.

We put together an explainer on the fiscal cliff, its economic impact, the most likely scenarios, the biggest political obstacles, and the companies most impacted

Note: The most likely scenarios are from a Goldman Sachs report that was published this summer.

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