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Thursday, August 23, 2012

''Congressional Budget Office warns of falling off 'fiscal cliff''

From Detroit News

''Unless President Barack Obama and Congress agree to extend at least some of the Bush tax cuts, the slow economic recovery will go into reverse, the Congressional Budget Office said Wednesday.

Those cuts and other tax breaks are scheduled to expire at year-end, constituting part of the ominous-sounding "fiscal cliff."

The sequester — blunt, across-the board spending cuts — also looms on the horizon unless a deficit-cutting accord is reached.''

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