And what is our esteemed leader Barack Hussein Obama doing about this???? He's out doing fundraisers every day to try to get reelected rather than working with Congress to avoid the tax cliff we are about to go over on January 1st....And we all know he will not do anything about spending cuts...all he wants to do is spend more...What a PATHETIC Excuse for a President he is....the ONLY people in Washington talking about this impending crisis is the Republicans....and they really can't get anything done because OBAMA and REID won't act....
IMF: US must avoid big tax jump, spending cuts
Published July 03, 2012 Associated Press
An international lending organization says U.S. lawmakers must work quickly to avoid sharp tax increases and spending cuts that could throw the economy into recession next year.
The International Monetary Fund also says in an annual report on the U.S. economy that Europe's debt crisis could slow U.S. growth. A recession in Europe would lower profits for large U.S. corporations, pushing down their stock prices.
The IMF forecasts the U.S. economy will grow 2 percent this year and 2.3 percent in 2013, roughly in line with forecasts by the Federal Reserve and private economists.
But if Congress doesn't do something to prevent the tax increases and spending cuts early next year, the impact could shave 4 percentage points off U.S. growth and result in a recession, the IMF says.