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NEW YORK (TheStreet) -- Stock futures were pointing to sharply lower open on Wall Street Wednesday as investors feared for 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.

Futures for the Dow Jones Industrial Average were falling 99 points, or 104.8 points below fair value, at 12,378. Futures for the S&P 500 were down 11.4 points, or 11.4 points below fair value, at 1303. Futures for the Nasdaq were falling 21.5 points, or 24.3 points below fair value, at 2514.

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