US Economy Faces Risk of 'Fiscal Cliff': Fed Officials -- MSNBCTwo Federal Reserve officials warned Tuesday that the U.S. could be heading for a "fiscal cliff" at year's end if mandated tax increases and spending cuts are implemented.
Charles Evans of the Chicago Fed called the cliff a "big uncertainty" while Atlanta Fed President Dennis Lockhart said there could be a "financial shock" if markets begin to anticipate that Congress and the White House do little to address this situation.
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My Comment: Just like Europe .... too much debt coupled with a government unwilling to cut spending is bringing us to the same type of disaster that is now unfolding for many European countries.
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