What is the 'fiscal cliff?'

POSTED: 08:50 AM PST Nov 09, 2012    UPDATED: 05:28 AM PST Dec 31, 2012 

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.

Job fair
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Shannon Stapleton/Reuters

Unemployment Benefits Extension -- The federal unemployment benefits extension expires. That means workers who lose their jobs after July 1, 2012, will only receive up to 26 weeks in state unemployment benefits, down from as many as 99 weeks that had been available until recently.

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