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Housing market bubble bursts
Housing market bubble bursts. It was a world financial crisis. Stock market crashes. Worst first Recession since the great depression. Deficit jumps to $459 billion. http://www.huffingtonpost.com/2012/12/27/fiscal-cliff-2013_n_2372034.html -
$787 Billion Stimulus
Obama enacts $787 billion stimulus. The recession ends, but now our deficit is $1.4 trillion http://www.huffingtonpost.com/2012/12/27/fiscal-cliff-2013_n_2372034.html. -
Incoming "Fiscal Cliff"
We are threatened with a potential “fiscal cliff” coming. This could lead to another recession. Obama supports keeping Bush’s tax cuts for all except high-income earners. Republicans want Bush’s tax cuts to be for everyone http://www.huffingtonpost.com/2012/12/27/fiscal-cliff-2013_n_2372034.html. -
Fiscal Cliff begins to kick in
“fiscal cliff” elements begin to kick in because congress takes no action. Extraordinary measures are taken to ensure the government can continue operating. http://www.huffingtonpost.com/2012/12/27/fiscal-cliff-2013_n_2372034.html -
Obama meets up with leaders for a compromise
Obama meets with congressional leaders and creates a compromise that is our last hope. Tax rates for high-income earners reaches an all time high. http://www.businessinsider.com/fiscal-cliff-timeline-2012-12 -
Tax hikes
Tax hikes and massive spending cuts reach $600 billion take effect. This is once again threatening to send our economy into another recession. http://www.businessinsider.com/fiscal-cliff-timeline-2012-12
