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By John R. Bolton
The president fiddles at his domestic altar while the world burns
Independent voices from the The Washington Times Communities
Topic - Vincent Reinhart
Worries about the federal government’s “fiscal cliff” are taking a toll on the economy well ahead of the year-end deadline, which analysts say is looking like it may be more damaging in the run-up than in the reality.
If the world's investors are right, the Federal Reserve is about to take a bold new step to try to invigorate the U.S. economy.
Joseph Carr and his family know the ups and downs of the housing market well. They’ve lived it for the past five years.
Business clients, in fact, were more concerned about the effect on the economy this year from worries about the fiscal standoff, with 60 percent saying "uncertainties in advance of the fiscal cliff outcome" already are depressing growth, said Morgan Stanley economist Vincent Reinhart.
"We assume that a deal is struck before year-end that extends most features of the current fiscal system on the promise of some new mechanism to force a decision later next year," he said. "The exact features of the deal depend on who will be in the White House after Jan. 20, 2013, but the net effect is some modest fiscal restraint in 2013."