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NEW YORK (TheStreet) -- U.S. stocks were plunging, sitting near session lows in midday action Wednesday on ballooning fears of a Greek exit from the eurozone.

A warning from the Congressional Budget Office that the U.S. economy could fall into a recession if steep tax increases and scheduled government spending reductions go into effect in January was also contributing to the jitters.

Tumultuous trading was seen across asset classes with bonds spiking higher, gold in heavy retreat, and the euro sinking to levels unseen in nearly two years.

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