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December 6, 2012 1:50 PM

‘Fiscal cliff’ would cost hundreds of thousands of federal jobs

Hitting the fiscal cliff would send the economy back into recession and cause unemployment to surge to 9.1 percent by the end of 2013, according to a report Nov. 8 from the Congressional Budget Office. The CBO estimates the economy would shrink by 0.5 percent next year if all the tax increases and spending cuts are enacted.

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