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NEW YORK (TheStreet) -- Wall Street was sliding in early trading Wednesday as investors agonized over the future of the eurozone.

Adding to worries was the Congressional Budget Office's warning that the U.S. economy could fall into a recession if steep tax increases and scheduled government spending reductions were to go into effect in January.

The Dow Jones Industrial Average was falling 47.9 points, or 0.4%, at 12,455. The S&P 500 was down 7.3 points, or 0.6%, at 1309. The Nasdaq was falling 21.3 points, or 0.8%, at 2,818.

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