The Lame Duck Congress Must Fix the Fiscal Cliff

The fiscal cliff that is looming on Jan. 2—a $500 billion combination of rising tax rates and expiring preferential tax policies—is a historic and completely obvious threat to our economy. In 2008, no one knew that the financial system was about to face cardiac arrest. But every American knows that unless Congress acts quickly, we will be hit with economy-crushing tax increases at the start of the New Year.