Alan Krueger, chairman of the president's Council of Economic Advisers, warns that consumer spending will drop if Congress and the White House fail to reach a deal on spending cuts and tax increases. Jewel Samad/AFP/Getty Images hide caption

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Looming Spending Cuts Would Hit Hard All Over

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How long and how late will talks go? (The Capitol dome.) Karen Bleier /AFP/Getty Images hide caption

toggle caption Karen Bleier /AFP/Getty Images

Mara Liasson, on 'Morning Edition'

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