News Alert: CBO: Deep recession likely for first half of 2013 if Congress goes over the fiscal cliff

	Wednesday, August 22, 2012 10:16:14 AM NEWS ALERT CBO: Deep recession likely for first half of 2013 if Congress goes over the fiscal cliff The nation would be plunged into a deep recession during the first half of next year if Congress fails to avert nearly $500 billion in tax hikes and spending cuts set to hit in January, congressional budget analysts said Wednesday. The massive round of New Year's belt-tightening – variously known as the fiscal cliff or Taxmageddon – would disrupt recent economic progress, push the unemployment rate back up to 9.1 percent by the end of 2013 and cause economic conditions "that will probably be considered a recession," the nonpartisan Congressional Budget Office said. Read more at: http://www.washingtonpost.com/business/economy/deeper-recession-imminent-if-congress-doesnt-act-on-fiscal-cliff-cbo-report/2012/08/22/0da7a07a-ec60-11e1-a80b-9f898562d010_story.html Or visit washingtonpost.com. SEND TO A FRIEND UNSUBSCRIBE E-MAIL CENTER GET HELP Washington Post Digital E-mail Customer Care 1150 15th Street NW Washington, D.C. 20071  ©2011 The Washington Post Privacy Policy