The biggest threat posed by the $7 trillion fiscal cliff is that it could throw the U.S. economy into recession next year. But how exactly? The nonpartisan Congressional Budget Office on Thursday estimated the economic punch of different parts of the cliff -- a series of spending cuts and tax increases that starting taking effect in January. They include reductions in both defense and non-defense spending; the expiration of the Bush tax cuts; the end of a payroll tax holiday and extended unemployment benefits; and the onset of reimbursement cuts to Medicare doctors. Congress may choose to avert the cliff in whole or ... (full story)