While the president and his minions play smear games against the GOP, the economy is figuratively burning down. The Post reports:
The nation would be plunged into a deep recession during the first half of next year if Congress fails to avert nearly $500 billion in tax hikes and spending cuts set to hit in January, congressional budget analysts said Wednesday.
The massive round of New Year’s belt-tightening — variously known as the fiscal cliff or Taxmageddon — would disrupt recent economic progress, push the unemployment rate back up to 9.1 percent by the end of 2013 and cause economic conditions “that will probably be considered a recession,” the nonpartisan Congressional Budget Office said.
But the president refuses to deal with that mess until after the election (by then, we’ll be well on our way to the recession). The irresponsibility is staggering.
The CBO contends that unemployment would go over 9 percent as the economy contracts another .5 percent.
Moreover, the economy is worsening, coming in below expectations. (“In addition, CBO analysts concluded that the underlying economy is weaker than previously predicted. In its latest budget outlook, the CBO predicts the federal deficit will be $1.1 trillion in the fiscal year that ends in September, marking the fourth straight year of deficits in excess of $1 trillion.”)