fiscal cliff

fiscal cliff

noun
1.
a governmental or personal financial crisis that is brought on by economic factors or policies: High housing costs have pushed many families over the fiscal cliff. Some municipalities are on the edge of a fiscal cliff after years of overspending.
2.
(specifically) a financial crisis that threatens to disrupt the economy or personal finances and is brought on by steep governmental spending cuts and tax increases: Congressional legislation to avert the fiscal cliff.

Origin:
1950–55

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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