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.

Tax forms, taxes, money
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iStock / peanut8481

Now all of those things -- the Alternative Minimum Tax, the undoing of Bush/Obama tax cuts and the Budget Control Act -- are about to hit. It's what some call a "perfect storm" of economic disaster.

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