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Of the coming cliff and whether congress and the white house can strike a deal. Tom that and more tonight on n. B. R. it was the chairman of the Federal Reserve ben bernanke who first called it a fiscal cliff. He described the coming automatic cuts in Government Spending and increases in taxes as, quote, a massive fiscal cliff, end quote. Heres what he was describing on january 1, 2013, tax breaks worth 416 billion will expire. Spending on things like defense, medicare payments to doctors will be slashed by 65 billion. Add it all up and you are talking about cutting roughly half a trillion dollars from the federal budget. The Congressional Budget Office and others warn going over the cliff will send the economy into a recession in the first half of next year. It was congress and the white house that set the deadline in hopes of forcing each other to cut the federal budget deficit and begin to address the growing national debt. Of the half trillion dollars the fiscal cliff is designed t

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