One last round of scattered showers and isolated thunderstorms is possible in the Brazos Valley through midnight. A few storms could be strong to severe, with damaging winds & hail being a concern. An isolated, brief tornado threat cannot be ruled out. Highest potential for severe weather is over the Northeastern Corner of the Brazos Valley.
WASHINGTON - - The nonpartisan scorekeeper for Congress says the legislation passed earlier this week to avert the "fiscal cliff" could still leave in place deficits averaging more than $900 billion a year over the coming decade if Congress fails to follow its tax increases up with spending cuts.
The Congressional Budget Office also says the measure should reduce the risk of recession this year by not slamming the economy with a huge tax increase.
The post cites a CBO study from August predicting a $10 trillion deficit over the next 10 years if Congress simply followed existing tax and spending policies instead of following the laws that threatened a cliff of automatic tax increases and spending cuts.
The fiscal cliff law would cut $700 billion to $800 billion, CBO said.
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