The news media is breathlessly counting down the days until the arrival of the fiscal cliff on December 31. It may make for good television (tune in tomorrow) but it’s not good economics…or good political analysis. Here’s why:

The bottom line is, there’s no real need to strike a deal by December 31 …or even during the lame duck session before the new Congress is seated in mid-January. The Deadline is Actually Sooner than Dec. 31

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