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Its importance, implications and Possible solutions/ramifications. Structure of the paper should be as follows: I. Background:Definition, legislative history , laws leading to fiscal cliff II. The Players: Republican Position; Democratic Position; Executive Branch Position III Effects: Tax increases and spending cuts — what was projected to happen if legislation was not passed and what actually happened. Discuss the main provisions of the American Taxpayer Relief Act that was passed on January 1, 2013. IV. Predictions: After Sequestration started in March 2013 what is the ramifications of it and list future possibilities for a solution. V. Conclusion This paper needs 6 total sources. Require to be in APA format