Reading the headlines this week, you might get the impression that the country was hurtling towards a huge deficit catastrophe on Dec. 31. From the front page of Thursday's New York Times ("Back to Work: Obama Greeted by Looming Fiscal Crisis") to today's Wall Street Journal ("Pressure Rises on Fiscal Crisis"), the rhetoric suggests that the U.S. is facing a crisis akin to problems that have engulfed Europe. (A Yahooheadlinefrom 2011: "The U.S. Fiscal Crisis: Just Like Greece, With One Exception.")
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