Epic clash nearing over tax boosts, spending cuts

WASHINGTON (AP) ? A half-trillion dollars in tax increases and spending cuts will be triggered in January ? unless lawmakers somehow settle their differences before then.

Though experts warn that such a fiscal avalanche could shove the country back into recession, Democrats and Republicans seem to be hurtling toward a budget showdown for the ages.

The outcome will be greatly affected by the elections: whether President Barack Obama prevails over Republican challenger Mitt Romney in November, and which party controls Congress.

But whoever wins, lawmakers already are bracing for a post-election, lame duck session in November and December that many think will result in an agreement to postpone the tax increases and spending cuts. That way, newly elected politicians can deal with them next year.

Associated Press

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