Fiscal cliff: US Fed steps up warnings

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Fiscal cliff: US Fed steps up warnings. (Reuters) Fiscal cliff: US Fed steps up warnings. (Reuters)
Summary'Congress and the administration will need to protect the economy from the impact'

topped USD 1 trillion a year for four years running.

The cliff comprises two challenges: a drastic spending reduction program, and the expiration of a broad range of "temporary" tax decreases.

Both are to take place on January 1, and together would suck at least USD 500 billion out of the economy, forcing it into recession.

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