Tagged: Congressional Budget Office (CBO)

Virtually everyone agrees that allowing the nation to fall off the fiscal cliff would be a bad thing.

Government programs would be cut, taxes would rise significantly on a majority of Americans, and according to the Congressional Budget Office, the economy would fall back into recession.

But get this: Even if all of those things happen, there would still be a budget deficit.

The so-called fiscal cliff is a double-edged sword, the nonpartisan Congressional Budget Office says in a new report issued today.

Why? Ignoring the huge tax increases and spending cuts set to take effect at the beginning of the year "will probably cause the economy to fall back into a recession."

But: "They will make the economy stronger later in the decade and beyond."

The Affordable Care Act survived a near-death experience at the Supreme Court earlier this year. And the overhaul law's fate again hangs in the balance come Election Day. Mitt Romney has vowed to work for its repeal, if he's elected president.

Meanwhile, the law continues to take its hits.

We've already heard warnings about the so called "fiscal cliff" from the Federal Reserve and the Congressional Budget Office.