LEE: After fiscal cliff comes fiscal avalanche - Washington Times
While Washington is preoccupied with the so-called fiscal cliff, little attention has been given to the fiscal avalanche that will occur if we continue down an unsustainable, long-term path, causing markets to turn sour on U.S. debt and leading to a spike in interest rates.
Such a eurolike crisis would make the fiscal cliff look like a dip in the road.
Unlike driving off a cliff, which you can see coming and make last-minute adjustments to avert, we cannot predict with any reasonable certainty when the avalanche will break.
If it does, there will be little anyone can do to prevent its devastating effects.
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