Nice chart from the Economist laying out the impact of the automatic tax hikes and spending cuts to begin on January 1st if Congress and Administration cannot reach a compromise.
(click here if chart is not observable)
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In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.
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with people keeping talking about this since the 1st quarter of 2012 till now, I suppose market has more or less reflected this news!