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Measuring the Fiscal Cliff

Morningstar's Bob Johnson details the components of the upcoming so-called fiscal cliff, suggests a possible smaller-cliff scenario, and weighs the potential economic impact of both.

Jason Stipp: I'm Jason Stipp for Morningstar.

As we head into the fourth quarter, concerns about the so-called fiscal cliff coming up at the end of the year and the beginning of 2013 are intensifying, but what exactly is this fiscal cliff? What's the potential impact? And what are some likely scenarios?