What is the “fiscal cliff?”

The phrase refers to a series of tax increases and spending cuts that would kick in next year unless Congress and the White House strike a deal to avoid them. Income and payroll taxes, among others, would increase. More than $1 trillion in spending would be cut, much of it from the defense budget. Analysts say going off the cliff would devastate the economy, but Republicans and Democrats so far can’t agree on how to prevent it.

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