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
Argelès sur Mer
Argelès sur Mer is a popular seaside resort located in Southern part of France (also part of the Catalan region) and just a short drive away from both ...
Contributor
Featured blossaries
tim.zhaotianqi
0
Terms
40
Blossaries
4
Followers
Top Ten Instant Noodles Of All Time 2014
Tatevik888
0
Terms
5
Blossaries
0
Followers
Idioms from English Literature
Browers Terms By Category
- General law(5868)
- Courts(823)
- Patent & trademark(449)
- DNA forensics(434)
- Family law(220)
- Legal aid (criminal)(82)
Legal services(8095) Terms
- Film titles(41)
- Film studies(26)
- Filmmaking(17)
- Film types(13)
Cinema(97) Terms
- Bridge(5007)
- Plumbing(1082)
- Carpentry(559)
- Architecture(556)
- Flooring(503)
- Home remodeling(421)
Construction(10757) Terms
- Misc restaurant(209)
- Culinary(115)
- Fine dining(63)
- Diners(23)
- Coffehouses(19)
- Cafeterias(12)
Restaurants(470) Terms
- Inorganic pigments(45)
- Inorganic salts(2)
- Phosphates(1)
- Oxides(1)
- Inorganic acids(1)