WATER & THE FISCAL CLIFF
As many are aware, the term ?fiscal cliff? referred to the economic effect that would have likely evolved as a consequence of scheduled tax increases, scheduled spending cuts and the resulting reduction in the U.S. budget deficit beginning in 2013 if existing laws and guidelines had not been modified by the end of 2012. While the deficit would have been reduced by half, it was anticipated by the Congressional Budget Office that a combination of these initiatives would have led to a state of recession in early 2013.
