Alarm about the fiscal cliff has spread across a swath of US business, the Federal Reserve said yesterday as President Barack Obama appealed to middle-class Americans to inundate Congress with demands to reach a budget deal.
In its Beige Book, the central bank’s regular collection of anecdotal reports from business, the Fed said it had picked up “concern and uncertainty about the federal budget, especially the fiscal cliff.”
The range of concerns in different industries across the country suggests that fear of the fiscal cliff could damp business activity for the rest of the year even if Congress eventually strikes a deal.
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