US economy faces another cliff
<p><span word="The">The</span> <span word="US">US</span> <span word="may">may</span> <span word="have">have</span> <span word="avoided">avoided</span> <span word="the">the</span> <span word="fiscal">fiscal</span> <span word="cliff">cliff</span>, <span word="but">but</span> <span word="analysts">analysts</span> <span word="say">say</span> <span word="the">the</span> <span word="last">last</span> <span word="minute">minute</span> <span word="Congressional">Congressional</span> <span word="agreement">agreement</span> <span word="at">at</span> <span word="the">the</span> <span word="start">start</span> <span word="of">of</span> <span word="the">the</span> <span word="year">year</span> <span word="to">to</span> <span word="raise">raise</span> <span word="taxes">taxes</span> <span word="on">on</span> <span word="wealthy">wealthy</span> <span word="Americans">Americans</span> <span word="and">and</span> <span word="avoid">avoid</span> <span word="massive">massive</span> <span word="spending">spending</span> <span word="cuts">cuts</span> <span word="was">was</span> <span word="only">only</span> <span word="a">a</span> <span word="temporary">temporary</span> <span word="fix">fix</span>. <span word="Now">Now</span>, <span word="even">even</span> <span word="as">as</span> <span word="President">President</span> <span word="Barack">Barack</span> <span word="Obama">Obama</span> <span word="begins">begins</span> <span word="his">his</span> <span word="second">second</span> <span word="term">term</span>, <span word="another">another</span> <span word="financial">financial</span> <span word="crisis">crisis</span> <span word="is">is</span> <span word="looming">looming</span> - <span word="one">one</span> <span word="with">with</span> <span word="potentially">potentially</span> <span word="severe">severe</span> <span word="implications">implications</span> <span word="for">for</span> <span word="the">the</span> <span word="world">world</span>'<span word="s">s</span> <span word="largest">largest</span> <span word="economy">economy</span>.</p><p><span word="The">The</span> <span word="US">US</span> <span word="government">government</span> <span word="has">has</span> <span word="already">already</span> <span word="reached">reached</span> <span word="the">the</span> <span word="congressionaly">congressionaly</span> <span word="imposed">imposed</span> <span word="borrowing">borrowing</span> <span word="limit">limit</span> <span word="of">of</span> $16.4 <span word="trillion">trillion</span> <span word="and">and</span> <span word="could">could</span> <span word="run">run</span> <span word="out">out</span> <span word="of">of</span> <span word="money">money</span> <span word="by">by</span> <span word="mid">mid</span>-<span word="February">February</span>.</p><p><span word="New">New</span> <span word="York">York</span> <span word="trader">trader</span> <span word="Benedict">Benedict</span> <span word="Willis">Willis</span> <span word="says">says</span> <span word="the">the</span> <span word="coming">coming</span> <span word="debate">debate</span> <span word="over">over</span> <span word="raising">raising</span> <span word="the">the</span> <span word="debt">debt</span> <span word="ceiling">ceiling</span> <span word="could">could</span> <span word="be">be</span> <span word="even">even</span> <span word="more">more</span> <span word="acrimonious">acrimonious</span>.</p><p>"<span word="Now">Now</span> <span word="we">we</span>'<span word="ll">ll</span> <span word="go">go</span> <span word="from">from</span> <span word="the">the</span> <span word="talk">talk</span> <span word="of">of</span> <span word="fiscal">fiscal</span> <span word="cliff">cliff</span>, <span word="I">I</span>'<span word="m">m</span> <span word="sure">sure</span> <span word="we">we</span>'<span word="ll">ll</span> <span word="start">start</span> <span word="talking">talking</span> <span word="about">about</span> <span word="the">the</span> <span word="St">St</span>. <span word="Valentine">Valentine</span>'<span word="s">s</span> <span word="Day">Day</span> <span word="massacre">massacre</span> <span word="because">because</span> <span word="that">that</span>'<span word="s">s</span> <span word="really">really</span> <span word="the">the</span> <span word="deadline">deadline</span> <span word="we">we</span>'<span word="ll">ll</span> <span word="be">be</span> <span word="looking">looking</span> <span word="at">at</span> <span word="as">as</span> <span word="far">far</span> <span word="as">as</span> <span word="the">the</span> <span word="deficit">deficit</span> <span word="reduction">reduction</span> <span word="and">and</span> <span word="the">the</span> <span word="debt">debt</span> <span word="ceiling">ceiling</span> <span word="talks">talks</span> <span word="are">are</span> <span word="concerned">concerned</span>," <span word="Willis">Willis</span> <span word="said">said</span>.</p><p><span word="Republican">Republican</span> <span word="House">House</span> <span word="Speaker">Speaker</span> <span word="John">John</span> <span word="Boehner">Boehner</span> <span word="is">is</span> <span word="demanding">demanding</span> <span word="major">major</span> <span word="spending">spending</span> <span word="cuts">cuts</span> <span word="in">in</span> <span word="exchange">exchange</span> <span word="for">for</span> <span word="any">any</span> <span word="agreement">agreement</span> <span word="to">to</span> <span word="raise">raise</span> <span word="the">the</span> <span word="debt">debt</span> <span word="limit">limit</span>.</p><p><span word="But">But</span> <span word="President">President</span> <span word="Barack">Barack</span> <span word="Obama">Obama</span> <span word="calls">calls</span> <span word="that">that</span> - <span word="irresponsible">irresponsible</span>.</p><p>"<span word="If">If</span> <span word="congressional">congressional</span> <span word="Republicans">Republicans</span> <span word="refuse">refuse</span> <span word="to">to</span> <span word="pay">pay</span> <span word="America">America</span>'<span word="s">s</span> <span word="bills">bills</span> <span word="on">on</span> <span word="time">time</span>, <span word="Social">Social</span> <span word="Security">Security</span> <span word="checks">checks</span> <span word="and">and</span> <span word="veteran">veteran</span>'<span word="s">s</span> <span word="benefits">benefits</span> <span word="will">will</span> <span word="be">be</span> <span word="delayed">delayed</span>. <span word="We">We</span> <span word="might">might</span> <span word="not">not</span> <span word="be">be</span> <span word="able">able</span> <span word="to">to</span> <span word="pay">pay</span> <span word="our">our</span> <span word="troops">troops</span> <span word="or">or</span> <span word="honor">honor</span> <span word="our">our</span> <span word="contracts">contracts</span> <span word="with">with</span> <span word="small">small</span> <span word="business">business</span> <span word="owners">owners</span>," <span word="Obama">Obama</span> <span word="said">said</span>.</p><p><span word="The">The</span> <span word="government">government</span> <span word="would">would</span> <span word="be">be</span> <span word="unable">unable</span> <span word="to">to</span> <span word="pay">pay</span> <span word="the">the</span> <span word="interest">interest</span> <span word="on">on</span> <span word="its">its</span> <span word="debts">debts</span> -- <span word="creating">creating</span> <span word="massive">massive</span> <span word="turmoil">turmoil</span> <span word="in">in</span> <span word="world">world</span> <span word="markets">markets</span>.</p>
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