A major uncertainty lies ahead with the "fiscal cliff." The danger is that a deal won't be reached soon and may get tangled with efforts to raise the debt ceiling. The fiscal cliff refers mainly to the expiration of the Bush-era tax cuts, the end of the 2% reduction in payroll taxes, and sequestration (the forced spending cuts that fell out of the failure of the Super Committee last year). In addi tion, we can include the annual fix to the Alternative Minimum Tax, the expiration of other tax breaks, and the end of extended unemployment insurance benefits.
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