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What is the 'fiscal cliff?'

Published On: Nov 09 2012 10:50:09 AM CST   Updated On: Dec 31 2012 07:28:08 AM CST

Confused by all this talk of a "fiscal cliff" and what it means to you? As lawmakers in Washington try to beat tonight's deadline, here are some answers.

Tax forms, taxes, money
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iStock / peanut8481

Now all of those things -- the Alternative Minimum Tax, the undoing of Bush/Obama tax cuts and the Budget Control Act -- are about to hit. It's what some call a "perfect storm" of economic disaster.

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