NRF seeks action as 'fiscal cliff' gets worse
from Retail's BIG Blog
The Congressional Budget Office put out a new report this week on the "fiscal cliff" – and the news is getting worse, not better. The CBO now says GDP will shrink 2.9 percent in the first half of 2013 if Congress does nothing to avoid the massive tax hikes and spending cuts scheduled to take effect in January. That compares with a 1.9 percent contraction forecast as recently as May.
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