Changes

The "'''Fiscal cliff'''" is the combination of United States financial policy changes that will go into effect at the start of 2013.  The [[Congressional Budget Office]] has predicted that if those polcies are allowed to take effect, they will place the United States economy into a [[recession]].<ref name="nytrecession">{{cite news |title=Recession Possible if Impasse Persists, Budget Office Says |last=Calmes |first=Jackie |url=http://www.nytimes.com/2012/05/23/business/congressional-budget-office-warns-of-a-fiscal-cliff.html?_r=1&src=recg |date=May 22, 2012  |newspaper=The New York Times  |accessdate=October 19, 2012}}</ref>  On February 29, 2012, [[Ben Bernanke]] coined the term "fiscal cliff" in his testimony before the [[House Financial Services Committee]].<ref name="Reuters-Bernanke-1202">{{cite web |title=Highlights: Bernanke's Q&A testimony to House panel |author=Washington newsroom |url=http://www.reuters.com/article/2012/02/29/us-usa-fed-bernanke-idUSTRE81S1DO20120229 |date=February 29, 2012 |publisher=Reuters |accessdate=October 19, 2012 }}</ref><ref name="CNBC120621">{{cite web|url=http://finance.yahoo.com/news/fiscal-cliff-may-europe-look-154128079.html |title= 'Fiscal Cliff' May Make Europe Look Like a Dip |first=Jeff |last=Cox | work=CNBC  |date=June 21, 2012 |publisher=Yahoo! Finance}}</ref>

The "'''Fiscal cliff'''" is the combination of United States financial policy changes that will go into effect at the start of 2013.  The [[Congressional Budget Office]] has predicted that if those polcies are allowed to take effect, they will place the United States economy into a [[recession]].<ref name="nytrecession">{{cite news |title=Recession Possible if Impasse Persists, Budget Office Says |last=Calmes |first=Jackie |url=http://www.nytimes.com/2012/05/23/business/congressional-budget-office-warns-of-a-fiscal-cliff.html?_r=1&src=recg |date=May 22, 2012  |newspaper=The New York Times  |accessdate=October 19, 2012}}</ref>  On February 29, 2012, [[Ben Bernanke]] coined the term "fiscal cliff" in his testimony before the House Financial Services Committee.<ref name="Reuters-Bernanke-1202">{{cite web |title=Highlights: Bernanke's Q&A testimony to House panel |author=Washington newsroom |url=http://www.reuters.com/article/2012/02/29/us-usa-fed-bernanke-idUSTRE81S1DO20120229 |date=February 29, 2012 |publisher=Reuters |accessdate=October 19, 2012 }}</ref><ref name="CNBC120621">{{cite web|url=http://finance.yahoo.com/news/fiscal-cliff-may-europe-look-154128079.html |title= 'Fiscal Cliff' May Make Europe Look Like a Dip |first=Jeff |last=Cox | work=CNBC  |date=June 21, 2012 |publisher=Yahoo! Finance}}</ref>

The policy elements of the fiscal cliff include:  

The policy elements of the fiscal cliff include:  

The [[AARP]] is opposing any further extension of the Social Security payroll tax rate reduction. AARP fears that if the Social Security Trust Fund comes from general funds, Congress will be more likely to want to cut future benefits.<ref name=aarp/>

The [[AARP]] is opposing any further extension of the Social Security payroll tax rate reduction. AARP fears that if the Social Security Trust Fund comes from general funds, Congress will be more likely to want to cut future benefits.<ref name=aarp/>

==References==

==References==