Money & budgets
fiscal cliff
A date when several tax increases or spending cuts take effect at once because temporary provisions expire together.
In full
Cliffs are created, not discovered: temporary tax provisions and short-term spending deals are written with end dates, and when several land on one day the combined effect becomes a forcing event. The phrase is also used loosely for any deadline with budget consequences, including a shutdown or a debt limit date, which are different mechanisms.
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A plain-language explanation for civic education, not legal advice. When in doubt, the official source named above controls.