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Report Warns of Recession From Budget Stalemate
The Congressional Budget Office warns that a January budget stalemate leading to tax hikes and spending cuts could push the nation into a 2013 recession and cost about 2 million jobs. If no agreement is reached, taxes rise for most and hundreds of programs face cuts, potentially shrinking GDP by 0.5 percent and unemployment near 9 percent in late 2013.
MENTIONED IN THIS ARTICLE
Washington
Congress
Congressional Budget Office
Barack Obama
Douglas Elmendorf
Budget Office
Elmendorf