CEOS Very Worried About ‘Fiscal Cliff,’ Survey Finds
(NEW YORK) -- America's job creators are bearish on the economy over the next six months, according to Business Roundtable's third quarter CEO Economic Outlook Survey.
The chief executives are mostly concerned with the upcoming "fiscal cliff," the possibility that taxes will go up and deep spending cuts that will be instituted at the beginning of the 2013.
The Federal Reserve and virtually all economists say that if it happens, the economy could be plunged into another recession, throwing millions more out of work.
As a result of this uncertainty, which isn't expected to get resolved by Congress, if at all, until after Election Day, just 29 percent of CEOs say they plan to do more hiring and 34 percent say they'll be trimming staff over the next six months.
While the CEOs aren't expecting miracles at this point, the survey says they would evidently feel better if lawmakers simply come up with a framework that specifies tax increases and what changes might be made to the tax code and other regulations.
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