WASHINGTON (AP) -- While the "fiscal cliff" of looming tax increases and spending cuts dominates political conversation in Washington, some Republicans and business groups see signs of a "regulatory cliff" that they say could be just as damaging to the economy.

Make Your Own Deficit-Reduction Plan

The official website of Majority Leader Eric Cantor, United States House of Representatives

As part of the Patient Protection and Affordable Care Act, the new levies, which take effect in January, include an increase in the payroll tax on wages and a tax on investment income.

The New Year is steadily approaching, and with it, the “fiscal cliff.” If Congress and President Barack Obama take no action, taxes will rise on all Americans. And the only thing standing between your family and a devastating tax increase is House Republicans.

The official website of Majority Leader Eric Cantor, United States House of Representatives

In The Wall Street Journal, Potomac Watch columnist Kimberley Strassel writes that the president is making the GOP an offer he knows they will refuse.

The official website of Majority Leader Eric Cantor, United States House of Representatives

A better alternative than simply increasing tax rates must be considered. I believe we need to use this opportunity to develop long-term plans to address both our fiscal crisis and jobs crisis.

Americans most want President Obama to restore a strong economy and job market in his second term out of a list of 12 issues. They also hope to see him fix Social Security and Medicare, and keep Iran from developing a nuclear weapon.