US economy: fiscal cliff or financial pothole?

In late 1999, the world went into a spin over Y2K, the millennium bug triggered by the arrival of the year 2000, threatening global chaos. In late 2012, investors have the "fiscal cliff" to worry about: a package of US federal tax cuts that expire on New Year's Day 2013, forcing Americans to pay more tax.

At the same time, a number of automatic spending cuts, from defence to public health, also kick in. This, the naysayers predict, will lead to US financial ruin with dire implications for global growth.

via Business feed http://www.scmp.com/business/economy/article/1089215/us-economy-fiscal-cliff-or-financial-pothole