Obama Cuts Hawaii Vacation Short to Deal With Fiscal Cliff
Fears over pending tax hikes and budget cuts have some sectors of the U.S. economy bracing for impact.
President Barack Obama returns to Washington Wednesday. Obama is cutting his Hawaii vacation short with less than a week to avert the fiscal cliff, and confidence in a grand bargain has all but disappeared.
There are three industries analysts say will suffer the most if Congress doesn’t reach a deal to avoid the fiscal cliff.
Think necessities over luxuries. The fiscal cliff is expected to take the biggest bite out of the automotive, apparel and entertainment industries.
Americans are already taking a good-hard look at their wallets, as confidence the country will avoid the fiscal cliff diminishes.
“I don’t think grand bargain before the end of the year, there is hope that a deal will be cut,” said CNBC Chief Washington Correspondent John Harwood.
If Congress doesn’t extend expiring tax cuts in just days, middle income earners would owe Uncle Sam about $2,000 extra a year.