This is WEEKEND EDITION from NPR News. I'm Rachel Martin.
Here's a term you're going to get really tired of in the next several weeks - if you haven't already: The fiscal cliff. It's a combination of automatic spending cuts and tax increases set to hit at the start of the year. That is, if Congress and the president fail to find a way to avoid it.
NPR's Tamara Keith has this primer.
TAMARA KEITH, BYLINE: Both House Speaker John Boehner and the president made it clear, they don't want to go off the cliff.
The post-election negotiations over taxes, the economy and the so-called fiscal cliff moved into a new phase this afternoon when President Obama stepped up to a microphone at the White House to lay out his latest thoughts about what needs to be done.
In many ways, this words were echoes from the hard-fought campaign.
With the election over, attention in Washington has turned to the nation's debt and deficit challenges — most immediately the looming fiscal cliff. That's the $600 billion worth of expiring tax breaks and automatic spending cuts set to start taking effect Jan. 1.
The president and Congress agreed to those automatic measures to force themselves to find a more palatable compromise to rein in deficits. On Wednesday, there was an attempt to jump-start that process.