Friday
Oct262012
Euro Uncertainty to Push US Into Recession
Friday, October 26, 2012 at 03:19PM
A combination of rising taxes and cuts to government spending coupled with continued murkiness out of Europe could send the U.S. economy into a recession in the first quarter of next year, said Laurence Fink, CEO of asset management giant BlackRock.
At the end of this year, the Bush-era tax cuts and other tax breaks are scheduled to expire at the same time public-spending cuts kick in, a combination known as a fiscal cliff that could send the country into a recession next year if left unchecked by Congress, according to estimates from the nonpartisan Congressional Budget Office.
Read more: BlackRock’s Fink: Recession Very Possible in Q1 of 2013
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