America teetering on edge of 'fiscal cliff' - FOX 26 News | MyFoxHouston

America teetering on edge of 'fiscal cliff'

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HOUSTON (FOX 26) -

The so-called "fiscal cliff" is just 53 days away, as of Thursday, and the day of reckoning is getting nearer every day.

Unless Congress and the White House can reach a deal quickly, a big batch of tax cuts are set to expire on Jan. 1.

"Come the beginning of this forthcoming year, we're going to be faced with a different tax situation that coincides with spending cuts at the same point in time," said Gil Baumgarten with Segment Asset Management. "And so a lot of people look at it as a double whammy for the economy."

The fear is that across-the-board tax increases – combined with deep spending cuts – in the midst of a fragile recovery could tip America into recession.

On Wednesday, congressional Republicans signaled their willingness to make a deal to avert a crisis.

President Obama is expected to outline elements of his plan on Friday.

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