Corporate America Growing Wary About Fiscal Cliff
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As the days pass by, the U.S. economy continues to careen toward the year-end fiscal cliff. Most economists believe the nation's economy will enter into another recession if the automatic tax cuts and $1.2 trillion sequester are allowed to take effect.
Without any reasonable solutions on the table, Corporate America is growing wary of what could be in store for 2013.
CEO confidence has fallen to levels not seen since 2009 due to uncertainty over U.S. tax policy and fiscal matters, according to the Business Roundtable's quarterly survey of chief executives. Additionally, the survey discovered that more CEOs expect hiring to fall rather than rise over the next 6 months.
Related: Jobs Data Disconnect from Consumer Spending, Markets Disconnect from Reality
Another report by Deloitte finds CFOs are growing increasingly negative about the future of their companies. In its quarterly CFO Signals survey, 40% of CFOs are pessimistic, up 12% from last quarter. Uncertainty over the fiscal cliff and presidential election are causing CFOs to feel more downbeat.
Lauren Lyster, host of Capital Account on RT, joined The Daily Ticker to discuss the growing gloominess among business leaders in the U.S.
Lyster says a fiscal roadmap would go a long way to calming fears.
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