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What will the fiscal cliff mean for the US?




House Speaker John Boehner (R-OH) makes remarks on Capitol Hill on November 7, 2012 in Washington, DC. Boehner discussed the looming fiscal cliff and called on President Obama to work with House Republicans.
House Speaker John Boehner (R-OH) makes remarks on Capitol Hill on November 7, 2012 in Washington, DC. Boehner discussed the looming fiscal cliff and called on President Obama to work with House Republicans.
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Undoubtedly, the first thing on the President's plate as he starts his second term is this fiscal cliff predicament.  

According to a Congressional Budget Office report released yesterday, if the automatic spending cuts kick in the, economy would slide into recession next year and the unemployment rate would jump spike from October's 7.9 percent all the way up to more than 9 percent.

For the latest on Capitol Hill negotiations, we go to Major Garrett, Congressional Reporter for the National Journal.