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November 14, 2012

Fiscal cliff would be huge shock for U.S.

  • The economy would be hit so hard that it would likely sink into recession in the first half of 2013, economists say.
  • By CHRISTOPHER S. RUGABER
    AP Economics Writer

    WASHINGTON — Everyone who pays income tax — and some who don't —will feel it.

    So will doctors who accept Medicare, people who get unemployment aid, defense contractors, air traffic controllers, national park rangers and companies that do research and development.


     
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