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What is the “fiscal cliff”?

November 14th, 2012
Categories: News, Economic

Link: http://wsws.org/articles/2012/nov2012/fisc-n14.shtml

The term “fiscal cliff,” first used by Federal Reserve Chairman Ben Bernanke last February, refers to the simultaneous expiration of tax cuts and imposition of spending cuts on January 1, 2013. The American media has seized on the term “fiscal cliff” and promoted it, in part, to suggest that measures which would otherwise be enormously popular—ending the Bush tax cuts for the wealthy or cutting military spending—are threatening, even dangerous.

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