White House: Failure to Pass Tax Cut Compromise Bill Would “Significantly Increase” Risk of Double-Dip Recession

By Josh

Dec 8, 2010 2:47pm

At an off-camera briefing this afternoon, National Economic Council director Larry Summers said that a failure to pass the tax cut compromise President Obama negotiated "would significantly increase the risk" of a double-dip recession.

Summers and other White House officials were making the case for the deal, which has proven controversial among Democrats in particular.

"If this process were to break down and a bill were not passed," Summers said, not only would economic projections recently revised upwards not happen,  "downward revisions would commence."

-Jake Tapper

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