All-America Economic Survey

CNBC Poll: Recession for Euro Zone and US?

Though it is still unclear what European leaders are prepared to do to arrest the sovereign debt crisis, there's growing conviction that even the best remedy won't be enough to prevent a recession in the euro zone.

The four-year-old crisis has induced a regional austerity drive, depressing spending by both business and consumers. In some nations, government spending — on anything other than bailout efforts — has also been been reduced.

The resulting slowdown has being aggravated by enduring uncertainty as the crisis lurches from one flash point to another.

Some say that's enough to finish off a tepid recoveryfrom the deep 2008-2009 slump; the OECD has concluded that recession has already arrived.And that's heightened debate over whether the malaise will spread to the U.S., which faces its own debt problem.

What do you think? Is recession on the horizon again?