system
Given the following post, respond as if you're commenting on Reddit:
human
What exactly is the fiscal cliff?

What does it mean that we are approaching it?  How are we approaching it?  I hear all the political pundits discussing it, and honestly, it doesn't sound like anyone knows what they are talking about.  Economists, help me out here.  I just need to be educated before I have to go home for Christmas and have to hear my family rant about something they don't understand either.
gpt
It refers to an agreement by Congress to pass deficit reduction measures or certain cuts, mostly to defense, and tax increases, mostly to payroll, will automatically kick in next year. If you just realized this means the fiscal cliff is the stipulation that "Congress must agree to tax increases and spending cuts or else there are going to be tax increases and spending cuts," congratulations, you're paying attention.

"Fiscal cliff" is a journalistic term designed to lower your political IQ and create the notion there is something worth discussing. There have been three or four other "fiscal cliff" type deals reached in the last half-century (1996, 1994 and 1982) and in each case the general solution by Congress was to ignore them. This is almost entirely an ordinary budget discussion rendered artificially riveting by certain rhetorical choices, nothing else.