fiscal cliff
Looming austerity deadline
A fiscal cliff is a deadline when dramatic, automatic changes to government spending and taxation take effect—typically tax increases and spending cuts that could shock the economy.
The term gained prominence during the 2012 U.S. budget crisis, when Congress faced expiring tax cuts and mandatory spending reductions.
Lawmakers scrambled to avoid going over the fiscal cliff.
Pushing conflicts to disaster's threshold
- standoffUnresolved confrontation between opponents
- showdownDecisive final confrontation
- impasseSituation without resolution
- uncertaintyState of being unsure
panic · meltdown · catastrophe · emergency · turmoil · alarm · chaos · market volatility
Act of setting apart
- budget controlManaging expenditure limits
- spending cutsReducing governmental expenditures
- tax increasesRaised government levies
- debt ceilingMaximum government can owe
deficit reduction · austerity measures · government shutdown · legislation · tax policy · payroll tax
Backward enumeration to zero
- ultimatumNon-negotiable final terms
- expirationEnd of validity
- zero hourScheduled start of action
- moment of truthDecisive instant of revelation
cutoff · timeline · year-end · lame duck session · ticking clock · window closing · last-minute deal · time pressure
Insufficient funds for expenditures
- national debtGovernment's accumulated borrowing
- public debtState's accumulated financial obligations
- red inkSymbol for financial loss
- borrowingTemporary taking of another's
debt ceiling · unfunded liabilities · deficit spending · credit rating · debt-to-GDP
Prolonged economic decline
- economic slowdownReduced pace of commerce
- macroeconomicsStudy of aggregate economies
- consumer spendingHousehold purchasing of goods
- unemploymentBeing without paid work
job losses · economic shock · double-dip · business investment · consumer confidence · credit downgrade · bond markets
brinkmanship
Pushing conflicts to disaster's threshold
- standoffUnresolved confrontation between opponents
- showdownDecisive final confrontation
- impasseSituation without resolution
uncertainty · panic · meltdown · catastrophe · emergency · turmoil · alarm · chaos · market volatility · political theater
sequestration
Act of setting apart
- budget controlManaging expenditure limits
- spending cutsReducing governmental expenditures
- tax increasesRaised government levies
debt ceiling · deficit reduction · austerity measures · government shutdown · legislation · tax policy · payroll tax
countdown
Backward enumeration to zero
- ultimatumNon-negotiable final terms
- expirationEnd of validity
- zero hourScheduled start of action
moment of truth · cutoff · timeline · year-end · lame duck session · ticking clock · window closing · last-minute deal · time pressure
budget shortfall
Insufficient funds for expenditures
- national debtGovernment's accumulated borrowing
- public debtState's accumulated financial obligations
- red inkSymbol for financial loss
borrowing · debt ceiling · unfunded liabilities · deficit spending · credit rating · debt-to-GDP
recession
Prolonged economic decline
- economic slowdownReduced pace of commerce
- macroeconomicsStudy of aggregate economies
- consumer spendingHousehold purchasing of goods
job losses · unemployment · economic shock · double-dip · business investment · consumer confidence · credit downgrade · bond markets
- fiscal crisesdebt crisis, budget crisis, budget deficit, debt ceiling, government shutdown
- fiscal policybudget deficit, deficit spending, national budget, budget surplus, budget deficits
- taxationtax, income tax, sales tax, tax return, tax refund
- austerityausterity measures, spending cuts, budget cuts, deficit reduction, belt tightening
- Bailoutsbailout, bank bailout, bank bailouts, rescue package, rescue fund
- economic stimulusstimulus, stimulus package, stimulus packages, economic relief, economic recovery
fiscal cliffeconomic stability
Sustained healthy financial conditions
economic boom · fiscal health · soft landing · fiscal stability · economic recovery
fiscal cliffbudget surplus
Revenue exceeding outlays
fiscal surplus · balanced budget · financial security · rainy day fund · fiscal responsibility
fiscal, cliff, cliffs, fist, confiscate, confiscation, confiscatory