How would your business be affected on 12/31/12 by the ‘fiscal cliff’ if Congress fails to compromise on the major tax policies? The fiscal cliff could bring $500 billion in tax increases and spending cuts. These could include income tax hikes, delayed tax refunds, and federal spending reductions, including defense, education, food inspections, air safety, and Medicare reimbursements. President Obama will meet with the Business Roundtable today, a group of business leaders and executives, to discuss avoidance of the ‘fiscal cliff.’ Here is what CBS News had to say about the 'fiscal cliff.'