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The U.S. economy will probably tip back into recession next year if Congress doesn’t address an impending “fiscal cliff,” the Congressional Budget Office said.

The nonpartisan agency said in a report today that the economy would contract at annual rate of 1.3 percent in the first half of 2013 if lawmakers allow the Bush-era tax cuts to expire as scheduled and don’t head off $1.2 trillion in government spending cuts set to begin taking effect in January.

 

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