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Debt crunch looms, but nobody knows how much is too much

Yes, the US economy is likely in recession

CAMBRIDGE    The latest figures from the Bureau of Economic Analysis (BEA) show that the US economy has experienced two consecutive quarters of negative real (inflation-adjusted) GDP growth. That accords with a popular definition of a recession. But economists have noted that any official declaration of a US recession must come instead from the National Bureau of Economic

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