The latest CBO economic assessment says jumping off the fiscal cliff would lead to a 0.5 percent contraction in gross domestic product in 2013.
That report said unemployment would surge to 9.1 percent in the fourth quarter of 2013 if automatic tax increases and spending cuts are not averted. The nonpartisan agency's analysis delved into details about the economic impact of extending some specific policies, such as a patch for the Alternative Minimum Tax, and eliminating the automatic spending cuts under sequestration.
A second CBO report examines three ways Congress could approach long-term deficit reduction.
Worries about the fiscal cliff have rattled the stock market in the election's aftermath, sending stock prices lower on Thursday for the second day in a row.
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