Congressional Budget Office Warns Recession Looming if Congress Doesn't Act on "Fiscal Cliff"

Congress Will Decide to 'Punt Again' or Go 'Off Cliff' to Fix Budget Deficit

Should Congress fail to pass a balanced budget by the end of 2012, America could face serious repercussions. Judy Woodruff talks to the Congressional Budget ...

Charts from CBO's August 2012 Budget and Economic Outlook from Congressional Budget Office

CBO | An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022 »

For fiscal year 2012 (which ends on September 30), the federal budget deficit will total $1.1 trillion, CBO estimates, marking the fourth year in a row with a deficit of more than $1 trillion. That pr...

Report: Recession looming if Congress doesn't act »

If Washington doesn't reverse looming fiscal policy changes, CBO predicts 9 percent unemployment by mid-2013