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Congress knows what it means by terms such as 'fiscal cliff' or 'Simpson-Bowles,' but to many outside the Beltway they may as well be speaking Greek. Here's a translation of Washington's shorthand for budgetary issues now before the country – with each entry explained in 50 words or less.
A cap Congress sets on how much total debt the US government can incur through borrowing, currently $16.394 trillion. Created by law in 1917 and altered 91 times since 1940, most recently in August 2011. Also known as the debt ceiling.
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