Fiscal bungee jumping is America's real threat

As Washington's debt ceiling and automatic fiscal tightening approach, there's a risk more likely than plunging off a fiscal cliff: The probability of a long, scathing period of brinkmanship, stop-start crises and fiscal swings.

Is America going to plunge off a fiscal cliff? That is the question starting to preoccupy Washington and Wall Street. For as fiscal issues move to centre stage in the 2012 election, America potentially faces three nasty shocks.


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