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With Congress back in session, two competing views have emerged about the impact of the looming fiscal cliff — it’s either the jolt needed for politicians to finally rise above their philosophical differences on controlling the debt, or the painful shock that will cause them to burrow deeper into their ideologies.

Few expect a deal of any kind before the November presidential election, but the automatic tax hikes ($240 billion) and spending cuts ($109 billion) slated to begin next year as part of the cliff have become the focal point of a gridlocked government.

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