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Are We Beyond The Fiscal Cliff?

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Financial Crisis Ahead Street Sign

The “fiscal cliff” is a term that was first used to describe the budget challenges faced by the U.S. government at the end of Fiscal Year (FY) 2012. According to the terms of the Budget Control Act of 2011, if the U.S. government did not pass law to enact deficit reduction of at least $1.2 Trillion Dollars over 10 years, draconian cuts were set to take effect at the end of FY 2012 to automatically slash the federal budget deficit (at that time our national debt stood at about $16 Trillion Dollars . . .

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