CBO: Taxes and Spending Cuts Will Likely Send U.S. Into Recession

The U.S. likely will fall back into recession if scheduled spending cuts take effect and Bush-era tax cuts are allowed to expire this year, the Congressional Budget Office said. If the U.S. falls off this “fiscal cliff,” the economy will probably contract 1.3% in the first half of 2013, the CBO said. 

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Is there an upside?  Depends if you like disco. Styx’s Tommy Shaw: “Around ’75 when the recession hit, club owners started going to disco because it was cheaper for them to just buy a sound system than it was to hire a band.”