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.

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Republicans have also insisted on cuts to Medicare, Medicaid and food stamps, known as entitlement programs in Washington-speak, but it's not yet known how many of these items could make it into a final deal.

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