US 'fiscal cliff'

The big concern about the standoff對持 in Washington is that the economy could go back into recession不景氣 if the tax increases and spending cuts go through. Any damage could be moderated主持 if the measures are partly reversed逆轉 in the next few months, but there are reports suggesting that there has already been some impact on business investment and jobs.

Some differences between President Obama and the Republicans in Congress have narrowed縮小, on income taxes, for example. But they are not resolved and there remain major divergences分歧 over how to stabilise the US government finances.

http://www.bbc.co.uk/worldservice/learningenglish/language/wordsinthenews/2012/12/121231_witn_us_fiscal_cliff.shtml