Video: IMF predicts slower economic growth for world - Telegraph: " . . . The IMF also warned that the US could fall back into a recession next year if Congress does not deal with the fiscal crisis. Several large tax cuts are set to expire at the end of the year and big spending cuts are scheduled to kick in at the same time. Those changes, referred to as the 'fiscal cliff' could cause the US economy to stall next year, the report said. Mr Blanchard said failure to deal with these issues could cut up to 4 percentage points off US growth in 2013. It would also reduce growth in other advanced economies – principally Europe, Canada and Japan – by 1.5 percentage points. "If it were to happen, it would be a major, major event," Mr Blanchard said. Last August, a battle between the Obama administration and Congress over raising the limit was not resolved until the US almost defaulted on its debt. . . "
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