"Significant recession" will hit us if Congress doesn't get its act together with the fiscal cliff (Harry Reid, unemployment rate)

[HurricaneDC]

Significant recession imminent if Congress doesn’t act on fiscal cliff: CBO report - The Washington Post

The nation would be plunged into a significant recession during the first half of next year if Congress fails to avert nearly $500 billion in tax hikes and spending cuts set to hit in January, congressional budget analysts said Wednesday.

The massive round of New Year’s belt-tightening — known as the fiscal cliff or Taxmageddon — would disrupt recent economic progress, push the unemployment rate back up to 9.1 percent by the end of 2013 and produce economic conditions “that will probably be considered a recession,” the nonpartisan Congressional Budget Office said.

...

The shock would be felt for years to come, with the unemployment rate stuck above 8 percent through 2014, the agency said. And the effects are likely to be felt well before the fiscal cliff hits, as “businesses’ and consumers’ concern about the scheduled fiscal tightening will lead them to spend more cautiously than they otherwise would have” during the remainder of 2012.

I wish we could kick all of these buffoons out of office in November and replace them all with smart people who would do what's right for this country.

[A&M_Indie_08]

Originally Posted by HurricaneDC

Significant recession imminent if Congress doesn’t act on fiscal cliff: CBO report - The Washington Post



I wish we could kick all of these buffoons out of office in November and replace them all with smart people who would do what's right for this country.

I agree completely

We could kick them all out if America got hit with a serious dose of common sense

[steven_h]

Thanks to Harry Reid for leading the First Senate in history not to pass a budget in nearly FOUR YEARS. BTW, that's illegal and unconstitutional. (see how the Constitution is becoming meaningless?)

May 18 2011 – Majority Leader Reid says it would be “foolish” for Senate Democrats to offer a budget.

November 9 2011 – House Minority Leader Nancy Pelosi claims that Democrats didn’t pass a budget when they controlled both chambers of Congress because “Republicans would have filibustered it,” but as she should know, budget resolutions can’t be filibustered.

May 10 2012 – Treasury Department figures show that the nation has spent $10.6 trillion since the Senate’s Democrat majority last passed a budget.

http://budget.senate.gov/republican/...a-a746ecec6a51