Why are we headed for the fiscal cliff?

The so-called “fiscal cliff” is the painful antidote for the failures so far of Congress and the White House to deal with the government’s spiraling debt and overhaul its tax code. The US government has run annual budget deficits in excess of $1 trillion in each of the last four fiscal years. A November report showed the government started the 2013 budget year with a $120 billion deficit in October, suggesting a fifth $1 trillion annual deficit is likely, according to the Associated Press.