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US plunge off 'fiscal cliff' is likely, say debt gurus Simpson and Bowles (+video)

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A balanced framework remains essential to strike a deal, and the looming fiscal crisis provides a "magic moment" to get it done, says Bowles. "To get something done in this town, you need a crisis – and we've got it," he says. But a bipartisan plan still requires support in both chambers from both Republicans and Democrats.

Here's the state of play, as they see it:

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