21 April 2013 Last updated at 19:09 ET

Who first called it a 'fiscal cliff'?Sign for cliff

The phrase is now part of the American lexicon, to describe a so-called economic catastrophe looming when tax cuts expire and spending cuts kick in. But where did the term come from and is it a good metaphor?

Background

Timeline From the euro's creation to Greek woes A protestor in Berlin in June 2011

In graphics: The eurozone crisis Compare the deficit in the eurozone countries Promo for eurozone in crisis in graphics

Wage calculator Where are you on the global pay scale? Envelope containing money

Lost decade? Watch: How the US went from boom to bust Despondent traders on the New York Stock Exchange in September 2008 Watch

Our Experts

Robert Peston, Business editor Article written by Robert Peston Robert Peston Business editor

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IMF says time to take stock

5 hours ago

The IMF has been saying for several years that the chancellor might have to slow the pace of deficit cuts if the economy continued to under-perform. It now thinks that day has arrived.

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Expert Views

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    The economics editor of Newsnight gives his take on the economic turmoil

  • Gavin HewittGavin Hewitt

    Views and analysis from the BBC's europe editor

Crisis jargon buster
Use the dropdown for easy-to-understand explanations of key financial terms:
AAA-rating
The best credit rating that can be given to a borrower's debts, indicating that the risk of borrowing defaulting is miniscule.
Glossary in full

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