Wednesday, May 23, 2012

Bloomberg: CBO warning

May 23 (Bloomberg) -- The nonpartisan Congressional Budget Office said May 22 the U.S. economy could be thrown back into recession in early 2013 if the slated across-the-board spending cuts and expiration of the Bush-era tax cuts take place as scheduled.

Michael McKee reports on Bloomberg Television's "Bottom Line."

Undoubtedly the Republicans will spin this information differently than the Democrats. Rightardia is skeptical that tax cuts that primarily affect the most affluent Americans like the estate tax will put a drag on the economy. 

We do no form the recent European experience with austerity that it does not work. 

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