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    What is the fiscal cliff?

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    euronews (in English)

    by euronews (in English)

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    The phrase 'fiscal cliff' - coined by the head of the US central bank Ben Bernanke - refers to the shock measures that were intended to focus partisan politicians' minds and get them to compromise and agree spending cuts and tax increases.

    If they didn't, automatic and much tougher deficit reductions would come into force at the start of the new year.

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