The non-partisan Congressional Budget Office gives us the low down. If Congress can’t get its act together and do what needs to be done for the federal budget, the economy will tank in early 2013.

From the WaPo Business section:

The nation would be plunged into a deep recession during the first half of next year if Congress fails to avert nearly $500 billion in tax hikes and spending cuts set to hit in January, congressional budget analysts said Wednesday.

The massive round of New Year’s belt-tightening – variously known as the fiscal cliff or Taxmageddon – would disrupt recent economic progress, push the unemployment rate back up to 9.1 percent by the end of 2013 and cause economic conditions ‘that will probably be considered a recession,’ the nonpartisan Congressional Budget Office said.

Personally, I’m not feeling too good about the prospects of Congress doing anything worthwhile before the election.