FISCAL CLIFF

‘A combination of expiring tax cuts and across-the-board government spending cuts scheduled to become effective Dec. 31, 2012. The idea behind the fiscal cliff was that if the federal government allowed these two events to proceed as planned, they would have a detrimental effect on an already shaky economy, perhaps sending it back into an official recession as it cut household incomes, increased unemployment rates and undermined consumer and investor confidence. At the same time, it was predicted that going over the fiscal cliff would significantly reduce the federal budget deficit.’

from Investopedia.com

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In the news… Fiscal Cliff Deal Not In Sight As Deadline Nears

FARLEY’S LAW

the common political wisdom that in a presidential election voters will have made their choice by mid-October
 

FILIBUSTER

an action taken by a member of Congress (such as a prolonged, often irrelevant speech) that obstructs the progress of a bill without technically contravening the required procedures. Most filibusters occur in the US Senate.

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In the news…
GOP uses filibusters to obstruct Obama, Democrats (9/8/12)

FAINTING GENERAL

Both candidates for president in 1852-Democrat Franklin Pierce and Whig Winfield Scott-served as generals in the Mexican War, which should have given them equally solid commander-in-chief credentials. Scott supporters didn’t think so. They questioned Pierce’s record, mockingly nicknaming him the Fainting General because he once fainted during battle and had to be carried off the field. The Whigs implied that he passed out from cowardice, ignoring the fact that his leg was severely injured. They drove home their point by publishing a one-inch-high book titled “The Military Service of General Pierce.”