By DAVID WESSEL, The Wall Street Journal
Is Congress going to drive the U.S. economy over the fiscal cliff? Is Washington so dysfunctional that Congress and the president, risking renewed recession, will let taxes rise sharply and spending be cut across the board?
Maybe.
The story so far: In August 2011, Congress and President Barack Obama agreed to cut $900 billion over 10 years from annually appropriated federal spending, the roughly one-third of the budget that goes for everything from buying bullets to paying park rangers.