U.S.
  • Senate Budget Committee Chairman Kent Conrad, D-N.D., speaks on Capitol Hill in Washington, Thursday, Jan. 27, 2011, before hearing testimony from Congressional Budget Office (CBO) Director Douglas Elmendorf during a hearing on the Budget and Economic Outlook: Fiscal Years 2011-2021.

    A new recession is likely if a stalemate over tax and spending cuts continues between Democrats and Republicans, according to dire projections by the nonpartisan Congressional Budget Office.

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