The new buzz word in the States is "fiscal cliff". I'm not sure if it's supposed to scare everyone or to convince everyone that the person using the phrase is in the know. In either case, it's annoying.
Having free-fallen over my own personal fiscal cliffs many times over the years, I learned that the only way to recover is to stop spending as much money as I did to reach my fiscal cliff. The States also has the option of raising taxes, especially for the rich, but I'm betting it takes a long, long time for them to truly explore this option.
Wonder what the buzz word will be in 6 months?
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