Financial Post | Business

With the deadline for the fiscal cliff only weeks away, talks are under way and going nowhere Capitol Hill.

The CBO estimates that if all the tax and spending changes were to take place the economy could fall into a recession and send unemployment up to 9.1%.

But some analysts believe the impact could be a lot worse.

We drew on reports from Wall Street’s top analysts to see what the worst case scenario means for the U.S. economy, stocks, and commodities.

First, what is the fiscal cliff?

The fiscal cliff refers to a number of different policies that are set to change around the same time, most on January 1, 2013.

  1. The 2001 and 2003 tax cuts that are set to expire.
  2. The Alternative Minimum Tax (AMT) will hit more people.
  3. Payroll taxes will increase by about US$120-billion in 2013 if the tax cuts expire.
  4. The

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