If you have picked up a newspaper or turned on the television to watch the news, you have more than likely heard about the impending “fiscal cliff” of doom. When I hear this term, I immediately imagine hopelessness–a point of no return…(much like the picture [below] suggests).

Ben Bernanke, chairman of the U.S. Federal Reserve, said, “…a massive fiscal cliff of large spending cuts and tax increases.” (Photo courtesy of Vantage Point of the One-Eyed Jack)

The term fiscal cliff became popular this past year when Ben Bernanke, chairman of the U.S. Federal Reserve, used it to describe laws on the books–coming into effect in 2013–as:

…a massive fiscal cliff of large spending cuts and tax increases.

But what is it?

For more on that, check out A Fiscal Cliff in History!

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Grant Oster

I love history. I write here because I have a passion to learn about history, and in doing so I get the opportunity to interact with other history lovers. My favorite aspects of history are government / constitutional history, civil rights, and World War II.

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