Here is a long link that explains just what it is. It was part of the budget deal in 2011. Basically, to raise the debt limit certain stipulations were put in place, this is the consequence. Both parties were betting on having full control of Congress and the Republicans were betting on having have a Republican president. Congress is still split, with the House Republican and the Senate Democratic, but effective control of the Senate is Republican, at least until the filibuster rules are changed.
General consensus is that allowing the whole thing to go through will throw us back into recession and then we'll come out stronger on the other side. But this effects everything from Social Security to milk prices to Border Control getting paid. Automatic, across the board spending cuts, with no exceptions. That means military, and domestic.
http://www.washingtonpost.com/blogs...ed-to-know-about-the-fiscal-cliff-in-one-faq/
General consensus is that allowing the whole thing to go through will throw us back into recession and then we'll come out stronger on the other side. But this effects everything from Social Security to milk prices to Border Control getting paid. Automatic, across the board spending cuts, with no exceptions. That means military, and domestic.
http://www.washingtonpost.com/blogs...ed-to-know-about-the-fiscal-cliff-in-one-faq/