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Bernanke Warns Democrats on Budget Brinksmanship

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There's a coming fiscal cliff at the end of the year. The expiration of the Bush tax cuts coupled with the across-the-board spending cuts from last summer's debt ceiling deal and another hit to the debt ceiling mean that on January 1, 2013, the United States will undergo severe measure of austerity if legislators don't act.

Democrats are already accusing Republicans of brinkmanship. Democrat Senate Majority Leader Harry Reid claimed that the Republicans are engaging in obstruction by proposing that a debt ceiling increase be tied to deficit reduction. Fed Chairman Ben Bernanke, however, knows that it's