Unless a budget deal is reached by the end of the year, every American is going to face a tax increase starting January 1 when the nation reaches the fiscal cliff tipping point. The economy is every so slowly coming out of this recession and the last thing the nation needs is less money in the hands of our consumers. Less money equals less spending and that means a slower recovery or even worse, another recession. President Obama dedicated this week’s presidential address to the topic.


Photo: 401(K) 2012/Flickr

Watch: President Obama on the 'fiscal cliff'
The President's weekly address focused on extending the middle class tax cuts before the end of the year.