Updated Sunday, December 21, 2014 as of 6:25 AM ET

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Cliff Analogy Overstates Immediate Harm to Economy

Richard Rubin and Alexander Kowalski

While the U.S. Congress views the convergence of more than $600 billion in tax increases and spending cuts set for Jan. 1 as a “fiscal cliff,” the metaphor misses the economic reality of what could follow.

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