For months, politicians have railed about the fiscal cliff while pundits across the political spectrum have held forth on the apocalyptic economic repercussions of our reaching Jan. 1, 2013 without a deal to avert it. But as the dread date draws nearer -- and negotiations between the White House and Capitol Hill grow more frenzied -- it is growing ever harder to separate the rough reality from the hellish hype.
To help you sort through the spin and fluff, we've compiled our very own fiscal cliff quiz. If you think you know all about the forthcoming economic apocalypse -- or if you're just wondering what all the fuss is about -- here's your chance to test your knowledge of the biggest economic crisis of this news cycle!
- 1. Who coined the term "fiscal cliff"?
- Answer: A. Ben Bernanke.
- 2. Between tax increases and revenue cuts, how much money will the fiscal cliff take out of the economy?
- Answer: D. $700 billion.
- 3. Is the fiscal cliff related to the debt ceiling?
- Answer: C.
- 4. Which part of the fiscal cliff is likely to have the biggest impact on the average family?
- Answer: D. The end of the payroll tax holiday
- 5. What ratio of tax increases to budget cuts did Obama offer Boehner as part of his proposed 2011 fiscal cliff deal?
- Answer: B. $1 in taxes to $3 in cuts.
- 6. How much was a seat on the famed "Supercommittee" worth?
- Answer: B. $2,270 per day
- 7. Which of these names has NOT been used to describe the fiscal cliff?
- Answer: It was a trick question
- More Quizzes from DailyFinance:
Bruce Watson is a senior features writer for DailyFinance. You can reach him by e-mail at email@example.com, or follow him on Twitter at @bruce1971.