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Portfolio > Economy & Markets > Fixed Income

How to solve the fiscal cliff in 1 easy move

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There is the perception that Congress does not agree on anything when it comes to avoiding the fiscal cliff, but that’s simply not true. Everyone wants to leave the Bush/Obama tax cuts as is for incomes up to $250,000 and both sides want to avoid deep cuts to defense, Medicare and non-defense spending. Agreeing on these points would not solve the problem, but it could reduce the severity of the impact and buy some time to continue talks for a grand bargain—which both sides seem to want, as well.