But his track record says otherwise, and Republicans who had much less leverage in the fiscal cliff talks are itching to test him.

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So I would urge you to think about leverage, where a dollar of fiscal spending -- and this is spending money, primarily, or targeted tax relief -- can leverage a lot of private money.

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In fact, it is in fiscal matters that the Republicans will have the most leverage.

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Mr. Obama used his last bit of leverage to prevail over Republicans in the fiscal-cliff budget negotiations late last year.

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But the debt ceiling is the only leverage that Republicans in the House have left to force fiscal responsibility on their spendthrift rivals.

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Do our modern day econometric models have the ability to understand the impacts of fiscal retrenchment after a financial crisis having been calibrated in a period of excessive leverage?

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Turns out Starbucks' pricey plans to leverage its latte are already hitting bumps and will reduce the company's earnings for fiscal 1999 by 10%.

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