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.
近来，华盛顿开始了一系列关于削减赤字的谈判，计划在年底之前达成协议。如果成功达成，协议将避免美国如许多人担忧的那样跌落“财政悬崖”。如不采取任何行动，