Did America's vote doom us to experience the Fiscal Cliff?
A new government study released Tuesday says that allowing Bush-era tax cuts to expire and a scheduled round of automatic spending cuts to take effect would probably throw the economy into a recession. The Congressional Budget Office report says that the economy would shrink by 1.3 percent in the first half of next year if the government is allowed to fall off this so-called "fiscal cliff" on Jan. 1 -- and that the higher tax ratesand more than $100 billion in automatic cuts to the Pentagon and domestic agencies are kept in place.
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