Romney conceded this point recently, acknowledging that the “fiscal cliff” – the expiration of Bush-era tax cuts at the end of this year, combined with large spending cuts already scheduled to take effect – would push the economy back into recession. Finally, in addition to extending Bush’s tax cuts, Romney promises an across-the-board 20% reduction in marginal personal-income-tax rates and a significant cut in the corporate rate to encourage businesses to hire more workers.