By Damian Paletta
Originally posted on Washington Wire.
The Congressional Budget Office released its updated budget and economic outlook on Wednesday, likely the last official forecast to come this year ahead of the November elections.
Here are some quick takeaways:
1) If Congress doesn’t address the looming spending cuts and tax increases set to kick in next year, the economy will quickly go into recession, averaging a reduction in gross domestic product of 2.9% on an annualized rate in the first half of 2013. If the spending cuts and tax increases are averted, the economy is only expected to grow at an anemic 1.7% next year.
2) If the tax increases and spending cuts aren’t averted, the unemployment rate will rise to 9.1% at end of 2013. If they are avoided, the unemployment rate will fall just slightly, to 8.0% at the end of 2013, according to CBO’s forecasts.
3) CBO projects the deficit in the year that ends Sept. 30, 2012, will be $1.128 trillion, or 7.3% of GDP, slightly less than the $1.211 trillion projected by the White House a few weeks ago.
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