What is the 'fiscal cliff?'

POSTED: 11:50 AM Nov 09 2012   UPDATED: 8:28 AM Dec 31 2012

Confused by all this talk of a "fiscal cliff" and what it means to you? As lawmakers in Washington try to beat tonight's deadline, here are some answers.

House Speaker John Boehner, closeup
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Larry Downing/Reuters

House Speaker John Boehner, a Republican, maintains that the GOP is willing to consider some form of higher taxes as part of the solution, but only "under the right conditions," which haven't been laid out clearly.

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