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The United States should avoid Japan’s mistake in pursuing a fiscal policy of short-term stimulus and should instead go for long-term growth as proposed in President George W. Bush’s tax-cut plan, a senior U.S. Treasury Department official said Monday.

“Among the policy mistakes that Japan made in trying to recover from their own bubble in the early 1990s was to use fiscal policy as a tool only for short-term stimulus,” Treasury Undersecretary for Domestic Finance Peter Fisher said in a speech at the University of Connecticut.

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