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Fiscal Cliff Will Bring Recession: CBO

Wednesday, 22 Aug 2012 | 3:48 PM ET

This is the fourth straight year where the U.S. has had deficits of over $1 trillion, reports CNBC's Eamon Javers. And the CBO says that if Congress doesn't deal with the fiscal cliff before the end of the year, we will have a recession next year, although the deficit would shrink.