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US ‘fiscal cliff’ warning

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In reports after the 2012 US elections, the US Congressional Budget Office renewed its warning of a recession if the country goes over the "fiscal cliff."

GOP leaders and the White House came to an agreement on Dec. 31, 2012, on a deal to avert a combination of automatic spending cuts and expiring tax cuts, known as the 'fiscal cliff,' on Jan. 1, 2013. On Jan. 1, 2013, the deal was approved by the Senate. - The Washington Post

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