90 DAYS AWAY: FEDERAL TAX HIKE WILL AVERAGE $3,500 PER HOUSEHOLD, STUDY FINDS

The impending "fiscal cliff" continues to dominate the political news media. The AP reports that unless Congress and President Obama agree to change current law, "a typical middle-income family making $40,000 to $64,000 a year could see its taxes go up by $2,000 next year." A new report by the Tax Policy Center finds that nine out of 10 households would be affected by the expiration of current tax rates -- although the top 20% of earners would bear 60% of the overall cost. Across all households, the tax increases would average almost $3,500, according to the study. The AP notes that "economists warn the looming tax hikes, combined with $109 billion in automatic spending cuts scheduled to take effect in January, could throw the fragile economy back into recession."