Analysis: U.S. economy is headed for the edge of a cliff

The outcome of the U.S. presidential election could determine whether the country is hit with the kind of severe austerity measures that have done so much damage to Europe, as Bush-era tax cuts automatically expire, according to The Economist. There is some disagreement about the exact impact of income taxes rising sharply. "Even the lower estimates could easily be enough to tip the economy back into recession," the magazine notes.

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The election will determine whether a nasty dose of austerity can be avoided - Economist, The

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