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CBO warns of deep recession if Congress fails to stop 'fiscal cliff'

from The Hill

The nonpartisan Congressional Budget Office recently warned that the economy will enter a recession next year if the country goes over the so-called fiscal cliff. In its most dire warning yet about the fiscal cliff, the CBO said the economy would contract by 0.5 percent in calendar year 2013 if the George W. Bush-era tax rates expire and automatic spending cuts are implemented. more

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