What is the fiscal cliff?

(CNN) — There's a lot of talk in Washington about the "fiscal cliff," but what is it, exactly?

In real terms, it's the $7 trillion in spending cuts and tax increases scheduled to go into effect the beginning of January.

After President Barack Obama and members of Congress failed to agree on how to reduce the U.S. debt last year, they sent the Jan. 1, 2013 deadline last year.

Financial analysis are concerned that if there is no agreement before the end of the year, the U.S. economy will be further crippled and unemployment will rise.

Copyright 2014 LIN TV News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Political Pulse

Did you like this article? Vote it up or down! And don't forget to add your comments below!

Like It
Don't Like It


We welcome your thoughtful comments. Be the first to participate in the discussion. All comments will display your username and avatar.


Add a Comment

Sign in or join now to post a comment. All comments will display your username and avatar.


Florida (change)

Nicknamed the “Sunshine State,” Florida has a population of over 18.5 million people. Major cities include the capital of Tallahassee, Jacksonville, Orlando, Miami and Pensacola.
Offices & Officials

Governor: Rick Scott
Lieutenant Governor: Jennifer Carroll
Attorney General: Pam Bondi
State Treasurer: Jeff Atwater
Secretary of State: Kurt S. Browning

Contacting the White House and Congress

Click the links below to get in touch with your elected officials.