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Another deadline, another Congressional stalemate. This time it’s the fiscal cliff and the possibility of sequestration. Congress recessed without addressing this issue and the expectation is that some sort of agreement will be hammered out during the lame duck session of Congress before January.

To be sure, there is movement in this area – a bipartisan group of Senators have been at work at such a proposal, but true to form Congressional leaders of the respective Republican and Democratic parties distanced themselves from these talks. There are also plans underfoot for a possible temporary extension of the current tax and spending regime by three to six months.

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