Fiscal cliff: US Fed steps up warnings
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Bernanke's warning came as the White House and top officials from Congress are locked in talks to avert the cliff and set a long-term plan for reducing the deficit, which has 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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