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Experts Debate Ways to Avoid the "Fiscal Cliff"

Washington, DC
Tuesday, October 16, 2012

Will the U.S. economy fall off the "fiscal cliff" at the end of 2012? The National Journal hosted a series of panel discussions with leading authorities and political leaders on the options available to Congress and the White House to avert a financial meltdown in the new year.

If Congress cannot break the deadlock, January 2013 will see the expiration of Bush-era tax cuts and the launch of automatic spending cuts, including $500B in defense budgets over a decade, put in place by the debt ceiling agreement. Economists predict that these cuts will lead to a deep recession that will worsen the slowing global economy.

Participants included: Rep. Allyson Schwartz (D-PA), vice ranking member on the House Budget Committee, and Rep. Peter Roskam (R-IL), Republican chief deputy whip. They offered a perspective on the standoff in the U.S. House from both sides of the aisle.

Updated: Tuesday, October 16, 2012 at 12:32pm (ET)

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