History tends to repeat itself, especially if, like America’s, it spans some 200-plus years. Politicians study history when they are trying to get re-elected, but it also has some lessons for the next fiscal cliff. None other than the Revolutionary War left our newborn country with an overwhelming deficit, along with looming tax hikes and potentially drastic budget cuts. Secretary of the Treasury Alexander Hamilton was well aware that public opinion supported getting rid of the debt, but that people were just as passionate about avoiding more taxes. Supremely convinced of the power and the bright future of America, Hamilton focused on increasing confidence and finding ways to liberate the economic might of the land. Alexander Hamilton, by the way, was an immigrant.

http://www.nytimes.com/2012/11/12/opinion/mr-hamiltons-growth-strategy.html?smid=pl-share