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'Fiscal cliff'? 'Sequester'? Your guide to Congress's code language.

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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.

Alex Brandon/AP/File

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4. Simpson-Bowles

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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