'Fiscal cliff'? 'Sequester'? Your guide to Congress's code language.
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.
5. Grand bargain
Washington-speak for a long-term deficit-reduction solution that incorporates the whole enchilada: tax reform that raises some new revenues and spending cuts that include trims to big federal entitlement programs. Would need presidential sign-off.