The first is the fiscal cliff, which is extremely time-sensitive and has to do with December 31st deadlines that trigger, if Congress doesn't act, substantial tax increases for everyone, including the middle class, and that trigger across-the-board spending cuts, the combination of which would, by many estimates, not be very good for the economy.

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That could very well trigger another round of interviews with President Obama on Middle Eastern television stations.

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As a USC alum and fan, it is torture to know that we are stuck in the middle for the next year because Pat Haden refuses to pull the trigger, and that if we could just find the right dynamic coach, we could get right back on top.

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Thus, the events in the MENA (Middle East, North Africa) regions and the resulting spike in oil became the trigger for the current pullback.

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There was no immediate trigger for the downgrade, said Yves Lemay, managing director for Europe-Middle East-Africa sovereigns at the ratings firm.

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