Congressional researchers are warning the United States faces a likely recession next year. On Tuesday, the nonpartisan Congressional Budget Office said the economy will contract 1.3 percent in the first half of 2013 if scheduled spending cuts and tax hikes take effect. According to the CBO, the so-called “fiscal cliff” of expiring tax cuts coupled with the need to cut $1.2 trillion in spending under last year’s debt deal will force the downturn.
CBO: U.S. Could Face Recession in 2013
HeadlineMay 23, 2012