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Economics look up at the 'fiscal cliff' from the Canadian side

U.S. President Barack Obama and Vice-President Joe Biden makes a statement regarding the passage of the fiscal cliff bill on Tuesday, Jan. 2, 2013 (Charles Dharapak/Associated Press)
Late Wednesday night, American president Barack Obama signed the bill that averted the so-called "fiscal cliff."

In fact, the country toppled over that cliff for a moment on Tuesday after lawmakers missed a midnight deadline, but the U.S. Congress reached a compromise that allowed the country to scamper back onto the ledge.

World markets reacted with short-lived gains, but there are other cliffs looming -- and debt ceilings too!

To help make sense of all this drama and what it means for Canada, Daybreak host Chris Walker brought former chief HSBC economist David Bond and assistant professor of economics at UBCO, Ross Hickey, into studio.

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