The nonpartisan Congressional Budget Office (CBO) on Wednesday warned 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.Unemployment also would rise from 8.2 percent in 2012 to 9.1 percent next year, the office estimates.“The stakes of fiscal policy are very high right now,” CBO Director Doug Elmendorf said. He urged Congress to act in September to avoid the fiscal cliff.
notice the CBO is imploring congress the one's who authorize the spending that the right accuses the Pres. of spending to stop the BS and do their jobs.
so now we find out all the ranting about uncertainty is created not by the Pres. but those who have blocked and obstructed any effort to revitalize the economy faster, then slam him for it not being faster, remember my saying this a few hundred time, "they do the dirt then blame the Pres." how long we gonna let them get away with it, i say Nov. 5th cut off date to reduce the number of republican troops in the congress.The sooner that that uncertainty is resolved, the stronger the economy would be in the second half of this year,” he said. “Economic growth right now is being held back by the anticipation of this fiscal tightening.”
