U.S. Budget Deficit to Reach $1.1 Trillion in 2012, CBO Says
By Brian Faler -
Aug 22, 2012 3:46 PM GMT-0300
The U.S. economy will probably tip
into recession next year if lawmakers can’t break an impasse
over the federal budget, according to a report.
The nonpartisan Congressional Budget Office said today that
scheduled tax increases and spending cuts in 2013 would reverse
the modest economic recovery. Economic output would shrink next
year by 0.5 percent, joblessness would climb to about 9 percent
with “economic conditions in 2013 that will probably be
considered a recession,” the agency said in a biannual report
on the budget and economic outlook. More
Comment: The important thing is to win the election and then we'll see.
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