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Why the U.S. won't careen over the fiscal cliff
America’s fast-approaching fiscal cliff is terrifying, to be sure. But there is something to keep in mind amid all the screaming in the back seat: The legislative process has brakes and its drivers, however reckless, know how to use them. Under current law, a combination of tax increases and spending cuts worth more than $607-billion (U.S.) will take effect on Jan. 1, 2013, a calendar item that has come to be known as the cliff, a term popularized by Federal Reserve chairman Ben Bernanke. If the U.S. economy had fully recovered from the financial crisis, this would be considered a good thing. But American companies ... (full story)
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