America Falling off a Fiscal Cliff

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America Falling off a Fiscal Cliff

As Congress returned to work on Monday following the Thanksgiving break, attention focused on efforts to reach a deal to prevent the country falling off a so-called fiscal cliff. Washington consensus says a failure to reach a deal over automatic year-end spending cuts and tax break expirations will be disastrous for an already fragile US economy. All of the Bush-era cuts are due to expire as well as President Obama's two per cent payroll tax reduction from 2010.

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