"That doesn't mean the world will end if the U.S. goes over the cliff on January 1st. After all, Congress and the Obama administration can take action any time before or after December 31, 2012 to avoid the new recession inaction would likely produce. But whatever agreement President Obama reaches with Congressional Republicans cannot slash the debt too fast too soon. Economic growth and job creation, not deficit reduction, must be the top priority for the United States.
This week, the Washington Post summed up what premature austerity looks like. "Fiscal cliff?" Anthony Faiola asked, "Britain has already jumped." And we know what happened after that leap."
