This term is Jon Stewart's fine work with regards to the "Fiscal Cliff" that we are hearing about in the news so much right now. Jon, as always, nails it: (careful though, some might be offended by the "Stalin fucking a bald eagle" image...)
Basically, the "Fiscal Cliff" is the climax if you will, of Congress kicking the can down the road back in the summer of 2011. The can is the issue of the Federal Budget/Deficit and the Federal Debt Ceiling. Congress was gridlocked, as usual, and failed to act on the issues before them.
For those of you who want to know more, here are a few links:
Here's Matt Miller in an opinion piece in the Washington Post, where he sets forth the "Endless Cliff Hypothesis".
Dana Milbank's "The Bare Truth About The Fiscal Cliff" in the Washington Post.
And if this isn't enough, here's 'The Lesson Plan' from The New York Times - "Understanding the Mathematics of the Fiscal Cliff"
My thoughts on the subject? I had gelled it all down to a lucid crux-esque thought, but then I lost it. I hate it when that happens.
Basically (I use this word WAY too much), this is all a bunch of smoke and mirrors obfuscating the real issue - balancing the Federal Budget. A 'balanced budget'. A novel concept.
Here's my "Deficit Tango" post from August 2011 - Warren Buffet's beautiful simplification/explanation of an UNbalanced budget.