The fiscal cliff — so named by Federal Reserve chairman Ben Bernanke — refers to $500 billion in tax increases and spending cuts that will go into effect in January 2013, if the US Congress fails to come to a budget agreement before the end of the year.
New Hampshire is likely to be less affected by federal spending cuts and tax increases than states with lower median incomes.
Here are two great resources for understanding the fiscal cliff, in general:
Q and A from the New York Times
Infographic from NPR
Read this piece to understand what the fiscal cliff means for New Hampshire in particular.