Last Thursday saw the start of negotiations in Washington on a deficit-reduction agreement to be passed by year-end. If struck, a deal would avert the much-feared fiscal cliff – $500bn in annual tax increases and spending cuts, which is set to begin in four weeks. Despite the immediacy of this threat, there is widespread fear that the negotiations may fail, triggering this huge fiscal contraction and pushing the fragile US economy back into recession.
近來，華盛頓開始了一系列關於削減赤字的談判，計劃在年底之前達成協議。如果成功達成，協議將避免美國如許多人擔憂的那樣跌落「財政懸崖」。如不採取任何行動，美國將在四周以後跌落「財政懸崖」——每年5000億美元的增稅和減支。儘管風險迫在眉睫，但人們還是普遍擔憂協商無果，從而引發大規模財政收縮，令脆弱的美國經濟再次陷入衰退。
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