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US Congressional Budget Office says tax increases, spending cuts scheduled for January could lead to recession

+The Hill reports that the non-partisan Congressional Budget Office says that unless lawmakers act to prevent scheduled tax increases and spending cuts at the end of the year, a recession will likely result in early 2013.

Early next year income taxes are set to go up when the Bush era tax rates expire. Automatic spending cuts triggered by last August’s debt ceiling deal to the tune of $109 billion are set to hit. Meanwhile, payments to physicians under Medicare will be slashed.

CBO projects that these and other elements of the so-called “fiscal cliff” will cause the economy to contract as demand dries up.

Read more: http://thehill.com/blogs/on-the-money/budget/228903-cbo-sees-recession-in-2013-unless-lawmakers-act

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17 comments
 
Pssst, we're already in a recession...
 
It's hard not to react immediately to such an outrageous headline :)
 
We're not currently in a recession. Folks. Just a crappy economy that isn't bouncing back. Big government with it's foot on the throat of the economy.
 
+John Hansen the additional printing of money by the Fed might give the appearance of not being in a recession, but we are I will fact right in the middle of one.

And stop trying to make it about partisan politics... I listen to GOP members as much as I listen to Democrats, which is very little.
 
You mean the bonds that the Fed recently bought 61% of... By printing money?
 
We are in the slowest recover in history and may be reversing course. Every election year the politicians on all sides of the aisle do what they can to give the people a "false illusion" of security. If BO get's in for 4 more, you'll see 2008 all over again with a ton more gov interventions, like not allowing kids to sell lemonade on the corner. Absurd. That's the kind of far reaching intrusion the Feds want in all our lives. Freedom is becoming an endangered species.
 
+John Hansen Only because we have a firmly entrenched two-party system in the country. When we're only allowed two options, but each is just as bad as the other, is it really a choice? Get rid of matching funds and other things that prevent other parties from having an equal standing in elections, and it no longer becomes a matter of choosing between the lesser of two evils. At the very least, we'll have more evils to choose from.
 
BREAKING US Congressional Budget Office says tax increases, spending cuts scheduled for January could lead to RIOTS
 
We can start by removing their pensions and perks in Congress and make them live as public servants again. They act like rock stars and need to be checked into rehab soon. We are paying for their habits and allow them to continue. We can stop this in a few weeks if we wanted to.
 
ok. that is why the foreign troops are training in fort carson, colorado. makes sense.
 
i am in my bunker of solitude just in case the shtf
 
Recession already with us.
 
Before anyone starts arguing for freezing or cutting the pay of federal employees... again:

Federal employees have a cap on their wages. State and local employees do not; they routinely make more than people with normal jobs. For example, in Maryland, Gary Williams grossed $2,335,888.43 in FYE 2010 while working for University of Maryland... coaching basketball.

Also, contractors make more than federal workers for the same (and occasionally even less) work, and yet no one seems to be saying anything about them.
 
+Scot Celley I'm not quite sure what you're trying to get at... I was simply saying that it's unfair to freeze federal employees' wages and not state employees' wages. Taxes pay for all of their wages, anyways. Also, taxes help pay for contractors' wages, which are often much higher than federal employees (2x the salary) and even the private sector (1.4x the salary).

+Mary Jane Mccamant In the federal government, the highest-paid workers work for VHA, NIH, or the FDA as medical officers, with the potential exception of security workers and White House and Congress employees.
So we do have doctors making more than most, but only in the federal government.
 
What is positive about violating a sacred trust with those who served and sacrified? Veterans pensions raided by congress to pay for benefits for illegals aliens.
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