Bernanke: US Headed Towards Fiscal CliffSubmitted by Peace Gold Love on Tue, 07/17/2012 - 22:27
[Washington Post] The main threat to the economy is shifting from what others may do to us to what we are doing to ourselves.
For much of the year, economists worried about the impact of the slowdown in Europe on the U.S. economy. Now, analysts say anxiety about the impact of the fast-approaching fiscal cliff — the series of federal spending cuts and tax hikes set to take effect at the beginning of 2013 if Congress and the Obama administration do not act — is displacing Europe as the primary threat to the nation’s sputtering economy.
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