The U.S. is cruising toward a "fiscal cliff" that will hit the economy
with a 3.5% decline in gross domestic demand, former Fed vice chair Alan
Blinder writes. "A number of decisions to kick the budgetary can down
the road have conspired to place a remarkably large fiscal contraction
on the calendar for January 2013 unless Congress takes action to avoid
it" - a phrase that sends shivers up his spine.
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