Let’s Obsess More On Fiscal Cliff

NEW YORK (CNNMoney) — If lawmakers cannot agree on how to address the pending “fiscal cliff,” $7 trillion worth of tax increases and spending cuts will begin to go into effect in January.

The smart money says Congress won’t come close to an agreement before the November election, and that lawmakers may not even be able to reach one until early next year. At that point, of course, they’d need to undo at least some of the tax increases and spending cuts that went into effec.

In the meantime, uncertainty about just what Congress will do will weigh on the economy.

Here’s a rundown of what happens if lawmakers fail to act before Jan. 1, 2013.

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