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February 7, 2014

Weekly Show

The latest political battle over healthcare sparked by a recent CBO report, why Democrats aren't promoting Obamacare successes, January job numbers & stock market anxiety plus a closer look at the 2014 political battle lines. Joining Gwen: Jim Tankersley, Washington Post; Janet Hook, Wall Street Journal; Beth Reinhard, National Journal; Doyle McManus, Los Angeles Times

 

CBO: Taxmageddon Would Throw U.S. Back into Recession

Essential Reads

Tax hikes and spending cuts set to take effect in January would suck $607 billion out of the economy next year, plunging the nation at least briefly back into recession, the nonpartisan Congressional Budget Office said Tuesday. Unless lawmakers act, the economy is likely to contract in the first half of 2013 at an annualized rate of 1.3 percent, the CBO said, before returning to 2.3 percent growth later in the year.

Obama Won't Come Close on Pledge to Halve Deficit, CBO Says

On The Radar

President Obama's pledge to cut the deficit in half by the end of his first term will fall short, according to the latest economic outlook released Tuesday by the non-partisan Congressional Budget Office. The president said in February 2009 that the $1.3 trillion deficit he inherited would be cut in half under his budget blueprint, but according to the CBO, the deficit in 2012 will continue to hover around $1 trillion, and fall to just under $1 trillion next year if current tax laws are extended, as expected.