Fiscal Cliff vs. Debt Ceiling

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Zipper

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Fiscal Cliff vs. Debt Ceiling

posted on Dec 17, 2012 03:46PM

Could someone, preferably American, elaborate on the situation regarding the current "Fiscal Cliff" drama and the connection to the Debt Ceiling.

I would have thought they were two seperate issues - the Fiscal Cliff (which I thought had mostly to do with Tax cuts and social programs coming to an end at the end of 2012) would be dealt with first (ie this week, please, to avoid any other stock market drama :)) THEN the debt ceiling debate would start up next month and be a hot topic for a month or so (adding rocket fuel to the PM prices).

In reading today's LeMet, it seems there might be a Debt Ceiling agreement wrapped up in the Fiscal Cliff negotiations.

If someone could provide an explanation and likely outcome, that would be appreciated.