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.
(informal) a situation in which sudden changes in government expenditure and taxation have a profound effect on a country’s economy
- Fiscal drag
noun 1. (economics) the process by which, during inflation, rising incomes draw people into higher tax brackets, so that their real incomes may fall; this acts as a restraint on the expansion of the economy
[fis-kuh l] /ˈfɪs kəl/ adjective 1. of or relating to the public treasury or revenues: fiscal policies. 2. of or relating to financial matters in general. noun 3. (in some countries) a prosecuting attorney. 4. Philately. a revenue stamp. /ˈfɪskəl/ adjective 1. of or relating to government finances, esp tax revenues 2. of or involving […]
noun 1. any yearly period without regard to the calendar year, at the end of which a firm, government, etc., determines its financial condition. noun (US & Canadian) 1. any annual period at the end of which a firm’s accounts are made up 2. the annual period ending April 5, over which Budget estimates are […]
- Fiscal policy
The policy of a government in controlling its own expenditures and taxation, which together make up the budget. Note: A function of fiscal policy, along with monetary policy, is to regulate the level of economic activity, the price level, and the balance of payments. Fiscal policy also determines the distribution of resources between the public […]