The ''Fiscal Cliff'' is a new term used in the policy discussions of the U.S., and given its probable impact, multilateral organizations like the World Bank and IMF started using this term in their various policy papers and forecast measures.
Concept: In a nutshell, ''Fiscal Cliff'' is used to describe a bundle of momentous tax increases and spending cuts that are due to take effect in the US economy at the end of 2012 and early 2013. In total, the measures are set to automatically slash the federal budget deficit by $607 billion (or, about 4.0% of GDP) between FY2012 and FY2013.
Here is a conceptual article on the issue, published in the Council on Foreign Relations.
Concept: In a nutshell, ''Fiscal Cliff'' is used to describe a bundle of momentous tax increases and spending cuts that are due to take effect in the US economy at the end of 2012 and early 2013. In total, the measures are set to automatically slash the federal budget deficit by $607 billion (or, about 4.0% of GDP) between FY2012 and FY2013.
Here is a conceptual article on the issue, published in the Council on Foreign Relations.
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