Guest
05-23-2012, 07:53 PM
to get congress to work together and quickly...
"The U.S. economy will probably tip back into recession next year if Congress doesn’t address an impending “fiscal cliff,” the Congressional Budget Office said.
The nonpartisan agency said in a report today that the economy would contract at an annual rate of 1.3 percent in the first half of 2013 if lawmakers allow the George W. Bush-era tax cuts to expire as scheduled and don’t head off $1.2 trillion in government spending cuts set to begin taking effect in January.
The economy would resume growing in the second half of next year, CBO said, at an annual rate of 2.3 percent.
“Such a contraction in output in the first half of 2013 would probably be judged to be a recession” according to past recessions as identified by the National Bureau of Economic Research, CBO said.
“Policy makers face difficult tradeoffs in deciding how quickly to implement policies to reduce budget deficits,” the report said. “Particularly important given the current state of the economy, immediate spending cuts or tax increases would represent an added drag on the weak economic expansion.”
Going Over U.S. (http://www.bloomberg.com/news/2012-05-22/going-over-u-s-fiscal-cliff-may-mean-recession-cbo.html)
I understand they are talking but have we heard that before ?
"The U.S. economy will probably tip back into recession next year if Congress doesn’t address an impending “fiscal cliff,” the Congressional Budget Office said.
The nonpartisan agency said in a report today that the economy would contract at an annual rate of 1.3 percent in the first half of 2013 if lawmakers allow the George W. Bush-era tax cuts to expire as scheduled and don’t head off $1.2 trillion in government spending cuts set to begin taking effect in January.
The economy would resume growing in the second half of next year, CBO said, at an annual rate of 2.3 percent.
“Such a contraction in output in the first half of 2013 would probably be judged to be a recession” according to past recessions as identified by the National Bureau of Economic Research, CBO said.
“Policy makers face difficult tradeoffs in deciding how quickly to implement policies to reduce budget deficits,” the report said. “Particularly important given the current state of the economy, immediate spending cuts or tax increases would represent an added drag on the weak economic expansion.”
Going Over U.S. (http://www.bloomberg.com/news/2012-05-22/going-over-u-s-fiscal-cliff-may-mean-recession-cbo.html)
I understand they are talking but have we heard that before ?