Even with a forecast for modestly stronger growth for the rest of the year, Barclays still sees a looming fiscal cliff negatively hitting the gross domestic product of the United States into 2013.

"The fiscal cliff is worth about $650 billion. It's roughly 4% of GDP, so it's big," Barclays Head of Research Larry Kantor said at a presentation of the firm's latest Global Outlook report, "Don't Fight the Fed," in New York on Tuesday.

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