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The words of the day - "Fiscal Cliff"
Bill Clinton used the term a couple of days ago and Ben Bernanke used it yesterday in his testimony.
The press is on to keep the Bush taxcuts in place and keep cutting government programs. It's a Catch-22. The Bush taxcuts create deficits and deficits create the need to cut spending.
If we are ready to go over a cliff, then maybe it is time to ask people to sacrifice?
We can expect to hear this term, "fiscal cliff", at least until the election is over.
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