This ?fiscal cliff? is really a fiscal wall. We have the wrong metaphor. A cliff makes us lose our purchase on solid control, and we go into free-fall, controlled only by gravity. But in fact, what will happen at the end of the year is a restoration of solid ground ? the return to taxation levels that were in effect before the Bush tax cuts, for example. It?s really a solution, of sorts. The fiscal wall ends the giveaways that helped expand the deficits (recognizing, of course, that the recession also played a huge part). In a single moment, barring other legislation, the U.S. would be put on a fiscally disciplined path.
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Source: http://feeds.washingtonpost.com/click.phdo?i=77ce9a453c0cd3d3a61697ae4ad397f8
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