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CBO: Scheduled Tax Hikes, Spending Reductions Will Tip U.S. Into Recession, Lift Unemployment Past 9 Percent

If the so-called fiscal cliff takes effect in 2013, the U.S. deficit outlook will improve, but scheduled tax increases and spending cuts would push the country into recession and unemployment up to 9%.

That's one of the main takeaways from an analysis Wednesday by the Congressional Budget Office, which released its updated budget and economic projections for 2012 through 2022.

Source: CNN Money. Read full article. (link)

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