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November 16, 2012 7:48 pm
The White House and Congressional leaders have begun high-stakes talks to avoid a looming fiscal cliff that would entail a mix of $600bn in spending cuts and tax increases next year unless a budget deal can be agreed by December 31. If an agreement is not met, it is possible that the US could be pushed back into recession.
But what actually is a fiscal cliff and what does it mean for the US economy?
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