White House Issues Report Echoing Findings Of CBO On Economic Effect Of Fiscal Cliff

Monday, November 26, 2012 08:41
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White House Issues Report Echoing Findings Of CBO On Economic Effect Of Fiscal Cliff

Tags: Congress | Economic Outlook | economy

The White House issued a report on Monday warning that US consumers could spend as much as $200 billion less on items such as clothing, cars, furniture, and other consumer products if the fiscal cliff scenario is enacted.

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Real consumer spending would feel a 1.7% hit in 2013 and slow growth in US gross domestic product by 1.4%.
 
The decline in spending would be equivalent to four times the amount consumers spent on Black Friday weekend in 2011.
 
Or it would equal what Americans have spend on cars and trucks sold in the US over the entire year so far in 2012.
 
The report echoed conclusions brought by the Congressional Budget Office (CBO) earlier in November.
 
The White House issued the report to increase pressure on Congress to come to some type of agreement on tax and spending issues having to do with the fiscal cliff scenario.

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