Well, what's happening is that we are scheduled, unless something is done, basically to do to ourselves gratuitously what has been happening to some of the European economies.
We're going to have substantial spending cuts, substantial tax increases at a time when the economy is still very weak. And, of course, that's a recipe for sliding back into recession.
So, we set ourselves up with the land mine in the road in front of our economy, which is not based on anything real. It's just based on our political mess.
Paul Krugman: Hasty Fiscal Fix to the Deficit Would Cause 'Austerity Bomb'
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