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Treasury Secretary Timothy Geithner has talked lately about a couple of size-14 shoes waiting to drop at the end of this year. He sounded the theme again last week in a speech at the Portland City Club in Portland, OR. “At the end of the year, we face a so-called fiscal ‘cliff’—the simultaneous expiration of tax cuts and large across-the-board cuts in spending,” Geithner said in prepared remarks. “That cliff presents a risk, but it also provides an opportunity for bipartisan agreement on reforms to restore fiscal sustainability.”

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