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Under current law, on January 1, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases.

Ben Bernanke
Cutting, Law, Important
"Highlights: Bernanke's Q&A testimony to House panel". Ben Bernanke's remarks during the House Committee on Financial Services hearing at Rayburn House Office Building in Washington, D.C., www.reuters.com. February 29, 2012.
Under current law, on January 1, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases.