WASHINGTON, D.C. (CNN) - The nonpartisan Congressional Budget Office has a dire warning about the so-called fiscal cliff.
It says the cliff would pack several big punches, if we go over it, next year.
The fiscal cliff is a series of spending cuts and tax increases that start taking effect in January. CBO officials say it could send the US economy into another recession. They
say if the cliff goes into effect for all of next year, we could see
unemployment up to 9.1 percent and a drop in real gross domestic
product.
Congress could avert the cliff, but it would require cooperation between them and President Obama.
Some
of the issues that could come up, include cuts in defense and
non-defense spending, Bush-era tax cuts expiring, and reimbursement cuts
for Medicare doctors.
