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.

Stock Market
6 / 17
Joshua Lott/Reuters

How are the markets reacting? -- U.S. investors were still anxiously awaiting good news out of Washington on Dec. 31 after watching markets edge down for five days in a row. Several European markets were closed for the holiday, but Asian markets were strong on New Year's Eve.

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