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What Happens if There's No 'Cliff' Compromise?

If Congress can't reach a deal on the fiscal cliff prior to year-end, some effects will kick in sooner than others, says Morningstar's Bob Johnson.

Jason Stipp: I'm Jason Stipp for Morningstar.

As the budget wrangling continues in Washington, it looks increasingly likely that we won't get a deal for the fiscal cliff prior to Jan. 1. So what happens if we hit that deadline? The results might not be as dramatic as you think.