No instant ruin seen in ‘cliff’ fall

Government won’t freeze up Jan. 1 if budget stalemate holds

Posted: December 2, 2012 at 3:56 a.m.

If Washington fails to reach a tax and spending deal by Jan. 1, paychecks will shrink as income-tax rates rise. But defense contractors will keep working. Parks and monuments will remain open. Financial markets will either slump or not.

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Front Section, Pages 6 on 12/02/2012