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White House warns impending 'cliff' could hurt holiday spending

3 years ago November 26, 2012 Nov 26, 2012 Monday, November 26 2012 Monday, November 26, 2012 2:16:16 PM CST in News
Source: Associated Press

WASHINGTON - As Washington gets back to work on avoiding the automatic spending cuts and tax hikes that would take effect in January, White House economists are warning that the uncertainty facing U.S. taxpayers could cause consumers to rein in their spending during the current holiday season.

The report by Obama administration economic advisers says retailers "can't afford the threat of tax increases on middle-class families."

The warning has helped to keep stock prices in check today.

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