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Cliff looms

November 20, 2012 11:00 pm • Last Updated: November 20, 2012 10:32 pm

Federal Reserve Chairman Ben Bernanke addresses a luncheon gathering of The Economic Club of New York, in New York Tuesday. Bernanke on Tuesday urged Congress and the Obama administration to strike a budget deal to avert tax increases and spending cuts that could trigger a recession next year. Without a deal, the measures known as the "fiscal cliff" will take effect in January.

Federal Reserve Chairman Ben Bernanke addresses a luncheon gathering of The Economic Club of New York, in New York Tuesday. Bernanke on Tuesday urged Congress and the Obama administration to strike a budget deal to avert tax increases and spending cuts that could trigger a recession next year. Without a deal, the measures known as the "fiscal cliff" will take effect in January.

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