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'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.  

4. Simpson-Bowles

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    Debt Commission co-chairmen Erskine Bowles (l.) and former Sen. Alan Simpson (R) of Wyoming speak to the media on Capitol Hill in Washington, Dec. 1, 2010, after a meeting of the commission.
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Shorthand for a "how to" report on federal deficit reduction from a bipartisan panel led by Republican ex-Sen. Alan Simpson and Democrat Erskine Bowles. Produced in December 2010 at the request of President Obama, who has never endorsed it.

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