The fiscal cliff refers to a state in which the expiration of various tax cuts – namely, those introduced by the administration of former President George W. Bush and those carried out after the Lehman shock – and the implementation of automatic spending reductions threatened to occur simultaneously at the start of 2013.
Susan S Bies: Banking supervision and its application in developing countries Speech by Ms Susan S Bies, Member of the Board of Governors of the US Federal Reserve System, at the World Bank Group's Finance Forum 2002, Chantilly, Virginia, 20 June 2002. *  *  *  I am very pleased to participate in the Finance Forum 2002.