Lawmakers Trying To Avert Fiscal Cliff To Prevent Short-Term Shock To The Economy

May 14, 2013

The Internal Revenue Service (IRS) building stands in Washington, D.C., U.S., on Tuesday, Nov. 13, 2012. President Barack Obama expressed confidence that he and Congress would reach an agreement that will avoid the automatic spending cuts and tax increases that are scheduled to occur at the end of the year. The fiscal cliff is the $607 billion combination of automatic spending cuts and tax increases scheduled to take effect in January. Lawmakers are trying to avert the cliff to prevent a short-term shock to the economy and reach an agreement on long-term deficit reduction. Photographer: Andrew Harrer/Bloomberg

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