Washington -- Washington lawmakers have the potential through inaction to push the U.S. economy quickly back into recession, a noted economist said.
Lawmakers are scheduled to debate two critical bills before the end of the year that could, if no progress is made, take $300 billion out of the hands of consumers, The Washington Post reported Thursday.
The George W. Bush era tax cuts, if left unattended, would raise taxes across the board. In addition, lawmakers in the lame duck session could fail to extend unemployment benefits for 3 million workers.
Moody's Analytics Chief Economist Mark Zandi said, "Businesses and households would run for the bunker, and we'd be back in recession. I don't see how we could avoid it."