CBO's Wakeup Call Warns of U.S. Recession in 2013

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May 23 (Bloomberg) -- Bloomberg's Mike McKee reports that the U.S. economy will probably tip back into recession next year if Congress doesn’t address an impending “fiscal cliff.” The nonpartisan Congressional Budget Office agency said in a report that the economy would contract at an annual rate of 1.3 percent in the first half of 2013 if lawmakers allow the George W. Bush-era tax cuts to expire as scheduled and don’t head off $1.2 trillion in government spending cuts set to begin taking effect in January. He speaks on Bloomberg Television's "Inside Track."