Washington is again focusing on the so-called "fiscal cliff" now that the election is out of the way, and there is strong evidence of a "grand bargain" being agreed to by Congress and the White House by year-end in order to avert a dramatic impact on the economy.
President Obama signaled support for a compromise in accepting Mitt Romney's concession early Wednesday, and on Wednesday, both Senate and House leaders made statements implying that talks are underway.
The issue boils down to the fact that, barring action, $668 billion in total spending cuts and tax increases will take effect Jan. 1, constituting 4 percent of total gross domestic product.
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