“The U.S. could still slide into a recession next year even if Congress steers the economy away from the fast-approaching fiscal cliff, said John Berlau, a Senior Fellow for Finance and Access to Capital at the Competitive Enterprise Institute.
Lawmakers are debating how to avoid tax breaks from expiring at the end of this year right when deep spending cuts are scheduled to take effect.
The combination of tax hikes and spending cuts, known as the fiscal cliff, could siphon over $600 billion out of the economy next year alone, according to some estimates.
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