All this would lead many consumers to spend less. Anticipating reduced sales and profits, businesses would likely cut jobs. Others would delay hiring.Another part of the cliff is a package of across-the-board spending cuts to defense and domestic programs â¿¿ cuts the CBO says would total about $85 billion. Congress and the Obama administration agreed last year that these cuts would kick in if a congressional panel couldn't agree on a deficit-reduction plan. The magnitude of the cuts was intended to force agreement. It didn't.
Most In US Won't Be Able To Escape 'fiscal Cliff'
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