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fiscal cliff

a governmental or personal financial crisis that is brought on by economic factors or policies: High housing costs have pushed many families over the fiscal cliff.
Some municipalities are on the edge of a fiscal cliff after years of overspending.
(specifically) a financial crisis that threatens to disrupt the economy or personal finances and is brought on by steep governmental spending cuts and tax increases:
Congressional legislation to avert the fiscal cliff.
Origin of fiscal cliff
First recorded in 1950-55 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2018.
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British Dictionary definitions for fiscal cliff

fiscal cliff

(informal) a situation in which sudden changes in government expenditure and taxation have a profound effect on a country's economy
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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