President Barack Obama will be sitting down with CEOs from some of America's top businesses today to discuss strategies for dealing with the fiscal cliff. Congress began a session on Tuesday with seven weeks on the clock before hundreds of billions of dollars in spending cuts and tax hikes scheduled at the end of the year threaten to turn a struggling economic recovery into a full-fledged recession.
InvestorWords defines recession thusly;
A period of general economic decline; typically defined as a decline in GDP for two or more consecutive quarters. A recession is typically accompanied by a drop in the stock market, an increase in unemployment, and a decline in the housing market. A recession is generally considered less severe than a depression, and if a recession continues long enough it is often then classified as a depression. There is no one obvious cause of a recession, although overall blame generally falls on the federal leadership, often either the President himself, the head of the Federal Reserve, or the entire administration.
If we are not in a recession, I don't know what to call it.
Time is of the essence in finding a solution, but politics as usual will have lawmakers on both sides of the isle lobbing grenades at each other for a few weeks before serious discussions are expected to begin.