Bernanke wants Congress to work on a compromise that would lessen the effect of the automatic cuts so as to give the private sector more time to recover and be able to withstand larger government cuts and austerity measures later.

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Consensus (or at least broad agreement) and compromise are really the only ways to effect long-lasting change.

FORBES: The Right Way to Approach School Reform

The focus after QE3 quickly shifted to the prospect of the Fiscal Cliff, where the Budget Control Act, which goes into effect on January 1, 2013 unless Congress and the President compromise on a solution to repeal the law.

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