Qorvis’s Chuck Conconi and Stan Collender talk about the fiscal cliff on Focus Washington. The combination of tax increases and spending cuts go into effect on January 1 and 2 would cut the budget deficit by $600 billion but raise taxes on 90% of Americans. This would economic growth by 3% throw the economy into a tailspin and into a recession. The common wisdom is that this will get fixed because Congress doesn’t create a recession, but this may not happen until after we go over the fiscal cliff.
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