Originally published on Tue November 20, 2012 7:20 am
The fiscal cliff has economists and politicians in a tailspin. The term is used to describe what will happen if Congress fails to come to an agreement on budget cuts or tax increases by the end of the year. Some say the term is inaccurate, and somewhat alarmist. Linda Wertheimer talks to linguist and Boston Globe language columnist Ben Zimmer about the origin of the term fiscal cliff.
WERTHEIMER: Banks are rushing to add employees to meet the demand for home loans. Low interest rates have sparked a record wave of mortgage activity, and the need for more people to process the paperwork. Mortgage employment rose by 9 percent this year, to its highest level since the financial crisis in 2008. Transcript provided by NPR, Copyright National Public Radio.
Debate over the long-term debt and the annual deficit has dominated the post-election agenda. Both the White House and Congress want to avert massive budget cuts and tax hikes early next year, a situation popularly called the "fiscal cliff."
The challenge has been brewing for years. But its current prominence owes much to the decades-long lobbying of billionaire Peter G. Peterson and his private foundation.
-- "Sales of existing homes increased in October, even with some regional impact from Hurricane Sandy, while home prices continued to rise due to lower levels of inventory supply," the National Association of Realtors reports.
Good morning. I'm Renee Montagne with a credit card that's worth its weight in gold. For those who want to buy bling with bling, a bank in Kazakhstan plans to offer a Visa card made of gold, plus a couple of dozen diamonds and mother of pearl. It will require $100,000 upfront and an annual fee of $2,000, but there are no late fees and you get a free iPhone. It won't be the first bejeweled card, just the first made of pure gold. It's MORNING EDITION. Transcript provided by NPR, Copyright NPR.