Reelected Obama Looks at Fiscal Cliff

Reelected Obama Looks at Fiscal Cliff. YaleGlobal. David Dapice. November 7, 2012.

President Barack Obama has won the hard fought battle for a second term. The president and U.S. politicians must hurry to put finances in order, warns economist David Dapice. Congress failing to agree on raising taxes or cut spending invoked a deus ex machina of painful automatic cuts and deadlines. Democrats, Wall Street investors, corporations and activists will push a divided Congress to develop a reasonable compromise that does not impose sudden austerity. “The really bad scenario is if a combination of EU recession, U.S. fiscal tightening and Asian slowdown interacted and fed off one another,” Dapice writes. A healthy global economy depends on U.S. Congress cooperating with President Obama to contain excessive health-care costs and deficits. [Note: contains copyrighted material].

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