If Congress and President Obama fail to reach an agreement by Dec. 31, a series of automatic tax increases and spending cuts will occurr. How did we get here, what are some possible solutions and what will happen if a deal is not met? The links below are resources for understanding the situation.
WHAT IS THE FISCAL CLIFF?
The Guardian: The fiscal cliff explained: what to know about the biggest story in Washington
The New York Times: The ‘Fiscal Cliff,’ Explained
CNN: Same players, same disputes in fiscal cliff debate
Demonocracy: Fiscal Cliff Explained in 3D infographics
WHY DO THEY CALL IT A ‘CLIFF’?
Simon Johnson: America’s Fiscal Cliff Dwellers
NPR: A Sequester Is A ‘Jelly-Like Mass,’ And Other Notes On Fiscal-Cliff Jargon
WHAT COULD THIS COST ME?
Paycheckcity.com: Will your paycheck fall off the fiscal cliff?
WHO ARE THE PEOPLE BEHIND IT?
The Washington Post: ‘Fiscal cliff’ debate: Who are the key players?
Business Insider: Who Is Grover Norquist And What Is His Pledge?
HOW WILL THIS AFFECT SPENDING?
The Center for Public Integrity: Major fight looms over defense spending