What part of 'fiscal cliff' don't you understand?

http://www.guardian.co.uk/commentisfree/2012/nov/08/fiscal-cliff-barack-obama-economic-jargon

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As America recovers from the post-election hangover, the media's attention turns to another milestone on the US news calendar: the dreaded "fiscal cliff". "Barack Obama heads to the White House as fiscal cliff looms," says the BBC. "President Obama facing fiscal cliff as stock markets fall," warns the Telegraph.

What are you saying? You don't know what "fiscal cliff" is? Like, dur, wake up. Everyone has been talking about it since … erm … July this year, actually. Without checking the Wikipedia entry, then, can you explain what the term "fiscal cliff" actually means? And is there other economic jargon that has slipped into your everyday speech that you don't quite know the meaning of?