“Growth would slow to just 1.1% in fiscal 2012, which starts Oct. 1, if a number of tax cuts were allowed to expire at the end of this year and if accross-the-board government spending cuts take effect as scheduled.”
“If no agreement is reached to extend the tax cuts and block the spending curbs, unemployment would rise to 8.9% by year-end from 8.5% now, and hit 9.2% at the end of 2012”, the CBO also said.
