The Wall Street Journal reported that the White House and Republican lawmakers are facing pressure to reach a solution to the looming budget crisis after the Congressional Budget Office (CBO) issued a warning of how inaction would push the U.S. economy back into recession next year.
The Journal said, according to the CBO report, that if Washington policy makers don’t act before the end of the year, the economy could contract by 0.5% next year and the unemployment rate would jump from 7.9% by the end of 2013.
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