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.

Obama and Boehner
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Larry Downing / Reuters

What happens if no deal is reached? -- If a deal is not reached between the White House and lawmakers, spending cuts will begin to take effect and tax breaks will expire, which both sides argue will push the U.S. economy off the "cliff" and possibly into another recession.

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