CBO Report: U.S. Economy Could Slide Into Recession

May 23, 2012
Originally published on May 23, 2012 4:41 am

The Congressional Budget Office is warning the U.S. economy could fall back into a recession if Washington doesn't address the looming fiscal crisis. The Bush-era tax cuts are supposed to expire as is a temporary reduction in the payroll tax. Meanwhile, deep cuts in federal spending are supposed to take place if Congress and the White House can't agree on a debt-reduction plan.