Whatever it does, America is currently on course for the most stringent fiscal tightening of any big economy in 2012, as temporary tax cuts and unemployment insurance expire at the end of this year.

无论做了什么，美国面临了一个在2012年所有的任何经济体中最严重的财政紧缩课题，当暂时税收减免和失业保险在今年年末期满。

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There is much uncertainty about the economic impact of fiscal tightening, not least because some temporary measures will also have run their course by next year.

财经缩减对于经济的影响有很多的不确定性不仅仅是因为明年也有一些临时措施要实行。

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The result was a temporary worldwide credit bubble, followed by a wave of loan defaults, falling housing prices, banking losses and a dramatic tightening of bank lending.

其后果是世界范围内短期的信贷泡沫以及紧随其后的贷款拖欠、房产贬值、银行损失和银行借贷的急剧紧缩。

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What Southeast Asian nations and others that may get swept up in the panic must recognize is this: A temporary tightening of credit to defend a currency is infinitely less costly than the price paid for devaluation.

FORBES: Fact and Comment

Unlike Europe, America has moderated the pace of its fiscal tightening, thanks to the temporary extension of the payroll-tax cut.

ECONOMIST: The world economy

No longer focused on the need for dramatic hoarding of cash to survive a potential 2nd Great Depression, even in a temporary setback created by government belt-tightening, corporations will be able to see the light at the end of the tunnel, and begin investing for growth again, spending some of that cash hoard in preparation for better times ahead.

FORBES: Corporate Cash Can Pick Up Where The Fed Leaves Off