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Blowing up the fiscal cliff

If politicians fear the fiscal cliff, why do they promote austerity?

By Tom Streithorst  

(photo: Glyn Lowe)

What will happen if the Republicans and Democrats don’t reach an agreement on the fiscal cliff? According to a recent poll, almost half of Americans think the US budget deficit will rise. Actually, it is the other way around. Without an agreement, mandated spending cuts will be enacted and existing payroll tax cuts will expire; this significant deficit reduction will probably plunge…

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