Newly re-elected President Barack Obama will use a White House appearance to set the tone for upcoming talks with congressional Republicans on avoiding the so-called fiscal cliff. Republicans continue to draw a line in the sand against higher tax rates for upper-income earners as they seek to topple the conventional wisdom that Obama has the upper hand in upcoming negotiations on averting the potentially economy-crippling set of tax increases and automatic spending cuts due to hit in January. Obama faces a tough, core decision: Does he pick a fight and risk a prolonged impasse with Republicans or does he rush to compromise and risk alienating Democrats still celebrating his victory?/Associated Press. More here.
Question: Had you heard the term “fiscal cliff” much before the last few days? Do you think we're really approaching said “fiscal cliff”?