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Deadline passes for 'fiscal cliff'

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January 1, 2013 12:03 AM EST | AP


WASHINGTON — The "fiscal cliff" deadline has passed – technically, at least.

The beginning of the New Year in theory means across-the-board tax increases and spending cuts kick in, but Congress is working to cancel them before they can have an impact.

The White House and congressional leaders hope to send legislation to President Barack Obama within a day or two, meaning consumers shouldn't notice any impact.

The goal of the legislation is not only to protect consumers' pocketbooks, but also to prevent the economy from the risk of another recession.