A negotiating process that started eighteen months ago with talk of trillions of dollars in deficit reduction ended in an agreement that will hardly reduce the deficit at all. From a historical perspective, indeed, the overall impact ofThe U.S. economy may have avoided falling off the fiscal cliff into a new recession, but it is still going to tumble down a rocky fiscal escarpment -- and that's not so good either. The deal struck between the White House andA negotiating process that started eighteen months ago with talk of trillions of dollars in deficit reduction ended in an agreement that will hardly reduce the deficit at all. From a historical perspective, indeed, the overall impact ofNEW YORK The "fiscal cliff" compromise, even with all its chaos, controversy and unresolved questions, was enough to ignite the stock market on Wednesday, the first trading day of the new year. The Dow Jones industrial average careened more than 300The government gave the nation's suit-and-tie mad scientists a tax break again this year, agreeing to extend the much-loved R&D tax credit. "We..
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