What is the 'fiscal cliff?'

POSTED: 8:50 AM PST November 9, 2012    UPDATED: 5:28 AM PST December 31, 2012 

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.

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What is the "fiscal cliff?" -- The "fiscal cliff" refers to the expiration of a series of economic measures (tax relief, reauthorization of unemployment insurance and the Job Creation Act of 2010) that are set to end this year.

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