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KANSAS CITY, MO. First impression: Whew. The compromise between President Obama and the Republican leadership removes the threat of a huge tax increase Jan. 1. Second impression: Holy cow! Look at the cost: More than $900 billion. Economist Chris Kuehl of Armada Corporate Intelligence in Kansas City, Kan., says that unless the deal is passed, the economy will probably slide back into recession. On that score alone, the compromise is probably worth at least one cheer, despite the whopping increase in the deficit. In any case, the deficit picture could well brighten in the coming...

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