If you still don't understand what the "fiscal cliff" is, a YouTube video has been released to help you.
The video, uploaded by the U.S. Chamber of Commerce, explains the effects of the fiscal cliff if legislation doesn't prevent it from taking effect Jan. 2, 2013.Comment on this story
The fiscal cliff would cause a family of four earning $50,000 a year to have federal income taxes rise by $2,100, David Chavern, executive VP and COO of the U.S. Chamber of Commerce, said in the video.
The video, which was released Nov. 15, explains the potential effects of the fiscal cliff simply for individuals, businesses and the economy.
"Add up all the looming tax increases and it's the highest federal tax hike in American history," Chavern said in the video.
He added: "If legislation doesn't go through, the fiscal cliff would plunge us back into recession in 2013."