U.S. to go over fiscal cliff, no House vote tonight
Posted December 31, 2012 4:33 pm.
This article is more than 5 years old.
The United States is going over the fiscal cliff.
The U.S. House of Representatives has announced it will not vote on any fiscal cliff legislation passed by the senate on Monday.
No talks are scheduled for Tuesday since it’s a federal holiday.
“Fiscal cliff” is the term that has been coined to describe the combination of a series of tax hikes set to come into effect combined with hundreds of billions worth of government spending programs are due to be clawed back.
Economists believe the the fiscal cliff may cause the United States and Canada to go back into recession.
