The IMF argues further draconian budget cuts aren't achievable and will make Greece's economic program more likely to veer further off track.

WSJ: Germany-IMF Rift Stalls Greece Deal

It would indeed be folly for large chunks of the world economy to embark on an immediate and draconian set of budget cuts.

ECONOMIST: Myths about fiscal austerity

At the time the letter was written, though, implementation was a long way off and many observers expected Congress would act to avert draconian cuts before the budget guillotine fell.

FORBES: Connect

Panetta's comments followed Obama's call on Tuesday for a short-term agreement to avert sequestration, which was created by Congress in 2011 to be so draconian that lawmakers would strike a budget deal and avoid the cuts.

CNN: Military pay in play in game of political poker

Keep in mind that the idea of the fiscal cliff was to make the tax hikes and spending cuts so draconian that Congress and the president would agree to a long-term budget deal to avoid them.

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