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Over the past few weeks, much of the world has been caught up in the heated debate over the so-called “fiscal cliff” that the United States is facing.
But what exactly is this terrifying cliff? In the most succinct terms, it is a combination of budget cuts and tax hikes. Thousands of pages have already been written — and will continue to be written — about how the world’s largest economy can and should work its way out of this crisis. Options include allowing scheduled tax increases to go into effect and cutting expenditures by $600 billion, steps that are likely to drag the US into another recession.
