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

Is Apple's tax avoidance rational?

2 hours ago

Why it matters that Apple and other multinationals pay a declining share of the costs of schools, hospitals and the police in developed economies.

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Stephanie Flanders, Economics editor Article written by Stephanie Flanders Stephanie Flanders Economics editor

Does there need to be an economic case for high-speed rail?

11:48 UK time, Thursday, 16 May 2013

Those who travel on Continental high-speed trains may wish we had them here - but few who have done the sums think there is a strong economic case for them.

Read full article

Expert Views

  • Paul MasonPaul Mason

    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

Features & Analysis

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