'Fiscal Cliff' Leads Top 5 Pieces of Unfinished Congressional Business

As Congress headed off for its August recess, quite a few tasks were left unresolved, with the biggest by far being legislation to avert the looming fiscal cliff.

Most political watchers, including David Kelly, chief global strategist for J.P. Morgan Funds, believe Congress will come to some type of agreement regarding avoiding the fiscal cliff after the November election. Without new legislation by the end of the year, “the Bush tax cuts, the temporary payroll tax cut and extended unemployment benefits will all expire just as higher Medicare taxes and both rounds of severe cuts to discretionary spending agreed to last August take effect.”

The Chamber of Commerce's website recently released its list of the top five pieces of “unfinished business” that Congress left undone before its Aug. 3 departure—which includes, of course, a remedy to the fiscal cliff crisis.

(More on Congress' Top 5 Pieces of Unfinished Business . . . )