The nation would be plunged into a significant recession during the first half of next year if Congress fails to avert nearly $500 billion in tax hikes and spending cuts set to hit in January, congressional budget analysts said Wednesday.
The massive round of New Year’s belt-tightening — known as the fiscal cliff or Taxmageddon — would disrupt recent economic progress, push the unemployment rate back up to 9.1 percent by the end of 2013 and produce economic conditions “that will probably be considered a recession,” the nonpartisan Congressional Budget Office said.
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Thursday, August 23, 2012
CBO Warns Of Major Recession From Taxmageddon
Posted By Milton Recht
From The Washington Post, "CBO warns of significant recession if Congress doesn’t act to avoid fiscal cliff" by Lori Montgomery:
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