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At The Nantucket Project, a festival of ideas held on Nantucket, Massachusetts in October, a panel comprised of finance heavyweights debated the big issues facing the economy, most notably the impending “fiscal cliff.” In this highlight below, David Rubenstein, co-founder of The Carlyle Group, offers his forecast of what may or may not happen in Washington.


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If all of the spending cuts and revenue increases that make up the fiscal cliff go into effect, it would represent an estimated $720 billion in total austerity measures for 2013. Who is ready to stomach that?