What is the 'fiscal cliff?'

Published On: Nov 09 2012 11:50:09 AM EST   Updated On: Dec 31 2012 08:28:08 AM EST

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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Joshua Lott/Reuters

How are the markets reacting? -- U.S. investors were still anxiously awaiting good news out of Washington on Dec. 31 after watching markets edge down for five days in a row. Several European markets were closed for the holiday, but Asian markets were strong on New Year's Eve.

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