4 weird effects of going over the fiscal cliff

We all know about the steep tax hikes and spending cuts scheduled to slam the country come Jan. 1. But what about a massive spike in the price of milk?

President Barack Obama said Friday that he was "modestly optimistic" that Congress might still avoid the fiscal cliff.
(Image credit: Win McNamee/Getty Images)

On Friday, President Obama said he was "modestly optimistic" that the House and Senate will stop the U.S. economy from plummeting off the fiscal cliff. Failing that, Obama is asking Senate Majority Leader Harry Reid (D-Nev.) to put forward a bill that will stop tax hikes on the middle class and protect extended unemployment benefits — "the bare minimum," as Obama puts it. But now negotiations are stalled, and it seems more and more likely that we'll plunge over the cliff.

Getting hit with billions in tax increases and spending cuts isn't the only bad news if Congress fails to broker some kind of fiscal cliff deal. Here are four of the weirdest economic aftershocks to look out for in the New Year.

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Dana Liebelson is a reporter for Mother Jones. A graduate of George Washington University, she has worked for a variety of advocacy organizations in the District, including the Project on Government Oversight, International Center for Journalists, Rethink Media, the Reporters Committee for Freedom of the Press, and Change.org. She speaks Mandarin and German and plays violin in the D.C.-based Indie rock band Bellflur.