fiscal cliff
Noun
Meaning
fiscal cliff (plural fiscal cliffs)
(politics, economics) A situation where a number of large spending or taxation bills begin or end simultaneously.
Examples
Let's push the Pentagon off the fiscal cliff.
Even people on the liberal side are starting to worry about going off a fiscal cliff.
If anybody ran a business like that they would be out of business quickly, and Barack Obama's leadership is driving this business, the United States of America, toward a fiscal cliff.
President Obama's reelection started the countdown for lawmakers to address the fiscal cliff and the statutory debt limit. Unless the President and House Republicans can agree on changes to current law, the U.S. economy will be in recession by spring.