The Fiscal Cliff?

[Tom Hitchcock]

What exactly is the Fiscal Cliff? What will it do? And how has it appeared out of nowhere to suddenly be a major threat to the economy?

[Ulrik]

Basically it is a point in time, the 1st of January 2013, when several tax incentives and subsidies will expire at the same time.

It seems to have crept up on people because everyone was focussed on the presidential election before.