Home > Terms > English, UK (UE) > Fiscal cliff
Fiscal cliff
Fiscal cliff is a term used to describe the U.S. economic situation in which a series of tax relief laws, if unchanged, will expire at midnight on December 31, 2012, resulting in tax increases for the average worker and spending cuts for government programmes mandated by the Budget Control Act of 2011 to control federal budget deficits.
These laws include tax increases due to the expiration of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. At the same time, spending cuts agreed upon as part of the debt ceiling legislation of 2011 would go into effect affecting programmes such as the defence budget and Medicare with deep, automatic cuts.
- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Economy
- Category: International economics
- Company:
- Product:
- Acronym-Abbreviation:
Other Languages:
Member comments
Terms in the News
Featured Terms
Artillery
As defined in the Treaty on Conventional Armed Forces in Europe (CFE), large calibre systems capable of engaging ground targets by delivering ...
Contributor
Featured blossaries
Browers Terms By Category
- General furniture(461)
- Oriental rugs(322)
- Bedding(69)
- Curtains(52)
- Carpets(40)
- Chinese antique furniture(36)
Home furnishings(1084) Terms
- Cheese(628)
- Butter(185)
- Ice cream(118)
- Yoghurt(45)
- Milk(26)
- Cream products(11)
Dairy products(1013) Terms
- Muscular(158)
- Brain(145)
- Human body(144)
- Developmental anatomy(72)
- Nervous system(57)
- Arteries(53)
Anatomy(873) Terms
- Gardening(1753)
- Outdoor decorations(23)
- Patio & lawn(6)
- Gardening devices(6)
- BBQ(1)
- Gardening supplies(1)
Garden(1790) Terms
- Rice science(2869)
- Genetic engineering(2618)
- General agriculture(2596)
- Agricultural programs & laws(1482)
- Animal feed(538)
- Dairy science(179)