Fiscal Cliff Origins

Presidents

Clinton

1/20/1993 - 1/20/2001

Bush

1/20/2001 - 1/20/2009

Obama (Ongoing)

1/20/2009 - 1/20/2017

US Economy

Economic Expansion of the 1990s reaches its Peak

1998 - 2001

Tax Cuts of 2001

2001

Stock Market Tech Bubble Bursts

01/01/2001 - 12/31/2001

Tax Cuts of 2003

2003

Stock Market Recovers and Deficit Shrinks

2004 - 2006

Housing Market Bubble Bursts

2007 - 2008

Unemployment Rate stays above 5%

12/2007 - 2013

Bailing Out of Big Banks by Bush and Congress

2008

$787 Billion Stimulus Enacted by Obama and Congress

2009

Keep Bush Tax Cuts for the Middle Class? (Obama)

09/2012

War

9/11 Terrorist Attacks

09/11/2001

Invasion and War in Afghanistan (Ongoing)

10/07/2001 - 12/18/2012

Invasion and War in Iraq (War on Terror)

03/20/2003 - 12/18/2011

Deficit

The US slips into a deficit of $158 billion and grows (ongoing)

2002 - 12/31/2012

Deficit of $378 billion

2003

Deficit Shrinks to $1.3 trillion

2010

Debt Ceiling Raised as a Request from the Treasury Department

2011

Attention Paid to Fiscal Cliff

Federal Reserve warns of Fiscal Cliff

03/2012

Cliff is Warned Of, But Ignored

9/2012

"Lame Duck" Session

11/13/2012

White House Gives Solution But is Dismissed

11/29/2012

Republicans Give Offer But is Dismissed

12/3/2012

Nothing done? Fiscal Cliff kicks in

12/31/2012