Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

CBO: "Fiscal cliff" would spark recession
AP ^ | 11-8-2012 | ANDREW TAYLOR

Posted on 11/08/2012 1:00:23 PM PST by ExxonPatrolUs

WASHINGTON (AP) -- A new government report says the so-called fiscal cliff would send the economy back into recession and cause a spike in the jobless rate to 9.1 percent by next fall. The Congressional Budget Office analysis says the combination of automatic tax increases and spending cuts would cut the deficit by $503 billion through next September. But that would cause the economy to shrink by 0.5 percent next year. The report comes as a newly re-elected President Barack Obama and Congress are seeking ways to avert the problems. The study estimates that America's gross domestic product would grow by 2.2 percent if the Bush-era tax rates were extended and expand by almost 3 percent if Obama's payroll tax cut and jobless benefits for the long-term unemployed are extended.

(Excerpt) Read more at hosted.ap.org ...


TOPICS: Chit/Chat
KEYWORDS: cbo; cliff
Navigation: use the links below to view more comments.
first 1-2021-36 next last

1 posted on 11/08/2012 1:00:28 PM PST by ExxonPatrolUs
[ Post Reply | Private Reply | View Replies]

To: ExxonPatrolUs

I say go over the cliff. Unless we talk about stalling obamacare, we are going over it anyway.


2 posted on 11/08/2012 1:04:05 PM PST by DonaldC (A nation cannot stand in the absence of religious principle.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ExxonPatrolUs

We ARE in a recession. We never got out of a recession.


3 posted on 11/08/2012 1:04:48 PM PST by fatnotlazy
[ Post Reply | Private Reply | To 1 | View Replies]

To: ExxonPatrolUs
CBO: "Fiscal cliff" would spark recession

Someone should advise the members of the CBO, in their Ivory Tower, that outside the beltway, the recession never ended and has become The 0bama Depression.

4 posted on 11/08/2012 1:05:46 PM PST by The Sons of Liberty (Never Underestimate the Power of Evil or Evil Doers)
[ Post Reply | Private Reply | To 1 | View Replies]

To: fatnotlazy

It will be much worse than a recession, or depression.
the likes of which this country has never seen


5 posted on 11/08/2012 1:06:41 PM PST by tennmountainman
[ Post Reply | Private Reply | To 3 | View Replies]

To: ExxonPatrolUs
I don't think we really left the last one, are you sure that the REcession is not going into a DEpression!

After all we do keep changing how we crunch the numbers to get what we want out of them. /sarcasm

6 posted on 11/08/2012 1:07:08 PM PST by BillT (If you can not stand behind our military, you might as well stand in front of them!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ExxonPatrolUs

Oh Tell me, O great Obama the Messiah, when exactly did the recession end again? You said it ended in March if 2009, and yet it seems to have gotten worse. Why did you lie to us, O Great One Messiah Obama? Tell us why you lied, O Messiah Obama?

I just had to get that off my chest. I really hate liars


7 posted on 11/08/2012 1:08:05 PM PST by realcleanguy
[ Post Reply | Private Reply | To 1 | View Replies]

To: ExxonPatrolUs

This is the “Blame the obamacare recession on the GOP House” page from the marxist playbook. FUCBO.


8 posted on 11/08/2012 1:11:05 PM PST by lodi90
[ Post Reply | Private Reply | To 1 | View Replies]

To: ExxonPatrolUs

I think we should let it happen. Let’s go over the cliff. Biggest impact it to the “Bush tax cuts for the rich” and military. Liberals should be thrilled.


9 posted on 11/08/2012 1:11:41 PM PST by NittanyLion
[ Post Reply | Private Reply | To 1 | View Replies]

To: DonaldC
they are carefully setting this up so the pubs will naturally take the blame for anything...

despite the fact that the dems have owned the Senate for what 8 yrs now without a budget for three?.....

10 posted on 11/08/2012 1:12:47 PM PST by cherry
[ Post Reply | Private Reply | To 2 | View Replies]

To: DonaldC

As of yesterday, we accelerate.


11 posted on 11/08/2012 1:13:58 PM PST by Paladin2 (.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: ExxonPatrolUs
"Spark" a recession?

WTF are we in?

12 posted on 11/08/2012 1:14:26 PM PST by E. Pluribus Unum (Government is the religion of the psychopath.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ExxonPatrolUs

SCARE TACTIC!! SCARE TACTIC!! WORKED IN 2008!! LET’S TRY IT AGAIN!! MUST NEVER CUT SPENDING!! MILK PRICES WILL SKYROCKET!! BUT WE DON’T GIVE A DAMN ABOUT GAS PRICES!! SCARE TACTIC!! SCARE TACTIC!! WORKED IN 2008!! LET’S TRY IT AGAIN!!


13 posted on 11/08/2012 1:15:27 PM PST by cotton1706
[ Post Reply | Private Reply | To 1 | View Replies]

To: ExxonPatrolUs
http://williambanzai7.blogspot.com/2010/08/dr-bens-custom-keyboard.html

Bernanke's keyboard

14 posted on 11/08/2012 1:15:34 PM PST by Lorianne (fedgov, taxporkmoney)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ExxonPatrolUs

“..and cause a spike in the jobless rate to 9.1 percent by next fall.”

As if the jobless rate isn’t ALREADY 9.1%.


15 posted on 11/08/2012 1:19:19 PM PST by a fool in paradise (America 2013 - STPostUCK ON STUPID)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ExxonPatrolUs

Another stock-market ass-kicking today (it’s all working out so friggin’ well)....

DOW..........12811.32..-121.41.....-0.94%
NASDAQ...2895.58.....-41.70.....-1.42%
S&P............1377.51....-17.02.....-1.22%


16 posted on 11/08/2012 1:20:51 PM PST by ScottinVA (I've never been more disgusted with American voters.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ExxonPatrolUs

Embrace the fiscal cliff. Prepare for hyperinflation.

Damned the torpedoes, full speed ahead!


17 posted on 11/08/2012 1:21:15 PM PST by Domandred (Fdisk, format, and reinstall the entire .gov system.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: E. Pluribus Unum

“Spark” a recession?
WTF are we in?


The economys is going to get a lot worse next year because of obamacare regs & taxes and the dims are laying the groundwork to blame the GOP. If the beltway GOP does not go on offense NOW they will be buried in 2014.

The narrative is being set now by the dims and presstitues and we saw how well the GOP played catch up in the election.


18 posted on 11/08/2012 1:21:19 PM PST by lodi90
[ Post Reply | Private Reply | To 12 | View Replies]

To: ExxonPatrolUs

There is NO CLIFF.

All that is going to happen is things are reset to 2000-2001
rates.
BTW- The IRS computers are already programed for all of the Bush ERA tax cuts to expire anyway. If anything is extended
then the IRS will have to re-program the computer mainframes. We are already looking at a delayed filing season. Let it go back to 2000-2001 rates. Democrats control 2/3’s.. White House and Senate. The burden of leadership and compromise is on their shoulders not Repubs.


19 posted on 11/08/2012 1:21:59 PM PST by DOGHEAD
[ Post Reply | Private Reply | To 1 | View Replies]

To: fatnotlazy

We are in a Depression that never ended and now they will vote not to cut the federal spending to avert this never ending crisis so in 12-18 mos we can experience the joy of a total collapse.


20 posted on 11/08/2012 1:22:12 PM PST by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
[ Post Reply | Private Reply | To 3 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-36 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson