RECESSION COMING EARLY 2012?: Warning from Congressional Budget Office Chief

The national general law offices of Charles Jerome Ware, P.A.: "Still working. Still committed. Still here to make a difference."

Douglas Elmendorf, director of the Congressional Budget Office (CBO) in Washington, D.C. stated today, Wednesday, August 22, 2012 that (presumably regardless of who is President) currently planned sharp cuts in spending and increases in taxes at the end of 2012 would cause "a dramatic reduction in the federal deficit" and "a significant tightening of fiscal policy". This will, he stated, "probably lead to a recession early next year (2013)".

Economic and financial analysts have been referring to this budget crisis as the "fiscal cliff".

[nbcpolitics.nbcnews.com/news/ 2012/08/22/ "CBO Chief Warns Of 'Fiscal Cliff' and Potential Recession"; www.reuters.com/article/ 08-22-2012/ "Update 3-U.S. CBO sees worse economic wreckage from 'fiscal cliff'"; blogs.wsj.com/marketbeat/ 2012/08/22/ "Fiscal Cliff Watch: Markets Ignore CBO's Recession Warning"]