Even if the country avoids going over the “fiscal cliff,” a poorly designed political compromise that cuts the deficit too quickly could push an already weak economy into recession. But a gradual phase-in of an overall cap on tax deductions and exclusions (so-called tax expenditures), combined with reform of entitlement spending, could achieve the long-run fiscal consolidation that America needs without risking a new recession.
美国剑桥—美国可能在2013年步入衰退。即使可以避免坠下“财政悬崖”，过快削减赤字的拙劣政治妥协也可能将已然相当疲软的经济拖入衰退。但逐渐实施的税收减免总额上限（所谓的税收支出）可以和福利支出改革一起构成美国所需要的能够避免再次衰退的财政整合方案。