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I've heard a ton of information on the Fiscal Cliff of 2013, and I was wondering what it is, and how it will affect the country?

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The fiscal cliff is a series of automatic cuts specified by the Budget Control Act of 2011, as well as the expiration of the Bush tax cuts. The cuts affect a broad range of programs across the board, and are predicted by the CBO to cut the deficit in half, as well as send the United States back into a recession (Source).

The Fiscal Cliff, much like it was created by congress in the debt ceiling debate in 2011, can also be repealed by congress. However, this repeal will likely only come when Republicans and Democrats agree on a package to reduce the deficit through revenue and cuts.

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    @TimPost it also includes the expiration of temporary relief to the payroll tax, alternative minimum tax, the doc fix for medicare and a number of other minor credits as well as a need to raise the debt ceiling within a month or so.
    – Michael Kingsmill
    Commented Dec 19, 2012 at 19:55

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