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Financial News Network
August 23, 2012 AT 9:23 AM
The Congressional Budget Office has said today that President Obama and Congress are risking an economic disaster by not acting to avoid the 2013 fiscal cliff. According to the agency, If the government does nothing, the United States will fall into a recession for the first half of 2013. The CBO also said that the 2013 fiscal cliff, a planned surge in taxes and cut in spending, could raise the unemployment rate back up to 9.1% by the end of 2013. While the office's view is bipartisan, Democrats and Republicans do not see eye-to-eye on what to do about looming changes. Republicans want an extension of the Bush era tax cuts and a decrease in spending, while Democrats would like to modify those tax cuts and limit the spending cuts. The budget office did report that if the fiscal cliff were to take effect, the United State's deficit outlook would improve.