What is the fiscal cliff? (Video)

It didn’t come up during Wednesday’s presidential debate, but many in Washington are growing increasingly concerned about how the White House and Congress plan to deal with a series of tax and spending decisions that must be addressed before the end of the year — commonly referred to as the “fiscal cliff” or “taxmageddon.”

So what is the fiscal cliff — and will Washington allow the American economy jump off of it? Find out in the video above (or here), part of an occasional series of “Edsplainers” designed to help explain Washington and political jargon. (Check out the first “Edsplainer” about “sequestration.”)

Ed O’Keefe is covering the 2016 presidential campaign, with a focus on Jeb Bush and other Republican candidates. He's covered presidential and congressional politics since 2008. Off the trail, he's covered Capitol Hill, federal agencies and the federal workforce, and spent a brief time covering the war in Iraq.
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Ed O'Keefe · October 4, 2012