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Colleges Worry Over Proposed Changes To Charitable Deduction

Could The Fiscal Cliff Mess Up College Endowments?
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CHICAGO, IL - DECEMBER 06: Vanessa Marcano joins other protestors call for an increase of taxes on the wealthy and voicing opposition to cuts in Social Security, Medicare, and Medicaid during a demonstration in the Federal Building Plaza on December 6, 2012 in Chicago, Illinois. About 300 protestors participated in the demonstration which resulted in three arrests. (Photo by Scott Olson/Getty Images)

WASHINGTON -- For more than a year, higher education organizations have urged Congress to somehow avoid the "fiscal cliff" -- the dramatically named combination of spending cuts and tax hikes that will take effect Jan. 2 if lawmakers cannot agree on a plan to reduce the deficit and extend expiring tax cuts and benefits.

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