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Fiscal-Cliff Concerns Hurt Economy

Companies hold back for fear of higher taxes, budget cuts in new year.

By Rich Miller, Bloomberg | Updated on June 19, 2012

Companies are starting to delay hiring and spending out of concern that Congress won’t reach a compromise in time to avoid automatic tax increases and budget cuts that would pull billions of dollars of purchasing power out of the economy.

Faced with a so-called fiscal cliff of more than $600 billion in higher taxes and reductions in defense and other government programs in 2013, U.S. companies are pulling back, though the deadline for congressional action is more than six months away.

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