With the elections out of the way, attention has again turned to the fiscal cliff – the over $600 billion in tax and spending provisions set to change on January 1, 2013.
The fiscal cliff has in recent months risen to the top of investor concerns ahead of Europe's debt crisis, the slow economic recovery and China's slowdown.
President Obama has refused to back down from raising taxes on the rich. Republicans on the other hand want broader tax reform and spending cuts, and refuse to raise taxes. Both sides have said they're open to some sort of compromise but a year-end grand bargain is unlikely.
We put together an explainer on the fiscal cliff, its economic impact, the most likely scenarios, the biggest political obstacles, and the companies most impacted