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CBO: Fresh 'fiscal cliff' warning

By: Decomposed in ROUND | Recommend this post (0)
Wed, 22 Aug 12 11:35 PM | 77 view(s)
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Aug. 22, 2012, 11:22 a.m. EDT

CBO issues fresh â€˜fiscal cliffâ€™ warning

Economy will contract in 2013, agency says in budget update

By Robert Schroeder, MarketWatch

WASHINGTON (MarketWatch) â€” The U.S. economy will contract instead of expanding in 2013 if scheduled tax hikes and spending cuts go into effect in January, the Congressional Budget Office warned on Wednesday.

In a fresh warning about the so-called â€œfiscal cliff,â€ the nonpartisan CBO reiterated that the U.S. economy will go into a recession next year if the Bush-era tax cuts expire and automatic spending cuts take effect.

More: http://www.marketwatch.com/story/cbo-issues-fresh-fiscal-cliff-warning-2012-08-22?dist=countdown

Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months

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