Chicago Sun-Times
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Beware the "fiscal cliff."

That's the warning that's been sounded by politicians, the media, and taxpayers since summer, gaining full force the moment President Barack Obama won re-election. While the term has only recently become part of the national vernacular, the build-up to this pivotal economic decision has been building for many years. The Democrats have refused to cut spending entitlements and Obama wants to raise taxes on the top income brackets. The Republicans, led by conservative super-lobbyist Grover Norquist, refuse to raise taxes and are opposed to losing currently implemented tax breaks. Also at stake is the defense budget that Dems want to scale back with the wars in Iraq and Afghanistan ending while Republicans are pushing back on any additional defense cuts.

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