Investors are wary of the fiscal cliff – the over $600 billion in tax and spending provisions that are set to change unless Congress acts – that would be a major drag on the U.S. economy.
Now, the Congressional Budget Office is out with a new infographic on their baseline scenario which projects a recession for the U.S. economy in 2013. And an alternative fiscal scenario in which lawmakers extend tax cuts and prevent spending reductions. The infographic also looks at the impact this would have on the federal deficit, economic growth, and the implications this would have on future policy decisions.
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