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Bernanke warns lawmakers country headed for 'massive fiscal cliff'

from The Hill

Congress risks taking the economy over a "massive fiscal cliff," Federal Reserve Chairman Ben Bernanke warned lawmakers. In remarks that hit Wall Street stock prices, the central bank boss suggested the economy could hit a serious roadblock if Congress allows the Bush tax rates and a payroll tax cut to expire and $1.2 trillion in spending cuts to be implemented simultaneously in January. more

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