The CBO yesterday gave its view of how precipitous the drop from the fiscal cliff would be, forecasting that it would cause GDP to shrink 0.5% next year and unemployment to climb to 9.1% from 7.9%. However, growth would be stronger in the long run. If the cliff is avoided, the economy would expand 1.7% but would still remain "below its potential." President Obama is due to have his say later today.
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