The countdown is on- we need to raise $200,000- help us reach our goal by midnight. Donate Now

Election provides some stability, but fiscal cliff looms

David Gura Nov 7, 2012
HTML EMBED:
COPY

Election provides some stability, but fiscal cliff looms

David Gura Nov 7, 2012
HTML EMBED:
COPY

President Obama laid out some of his plans for where he wants to take the country in the next four years — but with the fiscal cliff looming, those plans can only be so firm.

Can the president work together with Congress to steer clear of the so-called fiscal cliff — avoiding the automatic spending cuts and tax increases set to kick in at the end of the year?

Analysts worry the U.S. risks plunging into recession if a budget deal is not reached.

Chris Low of FTN Financial has one theory of how Congress and the president might work together: “What they have to do, what we’re hoping to see in the next couple of months, is a deal where they agree to do budget reform, they agree to do tax reform, they agree to work on it over the next year, and then they postpone all these [tax] increases that are coming in at the same time.”

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.