CBO: Democrats' Fiscal Cliff Would Plunge US Back Into Recession, Spike Unemployment

CBO: Democrats' Fiscal Cliff Would Plunge US Back Into Recession, Spike Unemployment

Often lost in the daily hubbub of the 2012 horse race is the proverbial sword of Damocles hovering over the nation's economy.  The CBO sounds the alarm.  Again:
 

The nonpartisan Congressional Budget Office on Wednesday warned the economy will enter a recession next year if the country goes over the so-called fiscal cliff. In its most dire warning yet about the fiscal cliff, the CBO said the economy would contract by 0.5 percent in calendar year 2013 if the George W. Bush-era tax rates expire and automatic spending cuts are implemented. Unemployment also would rise...