The impending and dreaded so-called fiscal cliff is a deadline on a group of bills and legislative acts that currently govern almost all facets of the federal government, with many of the current laws, tax codes and more set to change or expire simultaneously.
This is a deadline that if not avoided by timely and effective congressional action, will trigger severe and nearly immediate funding cuts—sequestration—in federal programs and services along with tax increases estimated in the $650 billion range, according to the Congressional Budget Office.