The United States Fiscal Cliff refers to the effect of a series of enacted legislation which, if unchanged, will result in tax increases, spending cuts, and a corresponding reduction in the budget deficit. There laws include tax increases due to the expiration of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 and the spending reductions ('sequestrations') under the Budget Control Act of 2011. The deficit for 2013 is projected to be reduced by roughly half, with the cumulative deficit over the next ten years to be lowered as much as $7.1 trillion. However, it is also projected to cause a double-dip recession in the first half of 2013.
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