Fiscal cliff: How to judge if debt cuts are real

UPDATED 10:45 AM EST, November 24, 2012

WASHINGTON (AP) — President Barack Obama and leaders of the lame-duck Congress may be just weeks away from shaking hands on a deal to avert the dreaded "fiscal cliff."

So it's natural to wonder that if they announce a bipartisan package promising to rein in growing federal deficits, will the agreement be real?

Look for specific deficit-cutting targets in writing for each of the next 10 years, and how the savings are be divided between tax increases and spending cuts. Spoken promises are less impressive.

Loading...