Bank of America Corp.'s commercial customers are already reacting to the "fiscal cliff" that looms over the U.S. budget by putting off purchases, Chief Executive Officer Brian T. Moynihan said.

Businesses have held back on buying capital goods until the outcome of negotiations in Washington becomes clear, Moynihan said today at a New York investor conference sponsored by Bank of America. Tax increases and spending cuts could equal 4 percent of gross domestic product, he said.

"The impacts of the potential cliff are already being felt," Moynihan said. In the bank's survey of chief financial officers, "the number one issue they see is the fiscal cliff. They tell us it's affecting their business plan. That uncertainty continues to hold back the recovery. Simply put, our clients tell us they will not be aggressive in times of uncertainty."