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Back on the cliff edge: fiscal crisis returns to Washington

The US economy is again staring down the barrel of a gun. This Friday marks the beginning of another budget crisis, entirely manufactured by Washington, if it is not averted at the last second. This time the name for the crisis is "sequestration". It means a series of drastic spending cuts across the board, meaning in defence, education, heath care, and pretty much every other aspect of government spending.

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