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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What's in the cuts? -- An estimated $55 billion will be cut in 2013 from projected levels of discretionary defense spending. That translates into at least a 10 percent cut to every program, project and activity that's not explicitly exempt.

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