'Cliff' event would likely put state in recession

Orange County Register
Battered by budget deficits and a deep recession, analysts predict California can look forward to a new year of fiscal stability and economic recovery. Unless, that is, we tumble over the "fiscal cliff." Then we're in for more of the same. Despite voter support for new taxes to balance the budget, and despite modest economic growth following the housing collapse, California dreaming of a sunnier tomorrow is in serious jeopardy if Congress and the president can't agree on what to do about several automatic tax increases and spending cuts scheduled to kick in on Jan. 1.
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