'Fiscal Cliff' Already Hurting Job Market

How The 'Fiscal Cliff' Is Already Hurting The Job Market
People protest during a May Day rally in the centre of Barcelona, Spain, Tuesday, May 1, 2012. Tens of thousands of workers marked May Day in European cities Tuesday with a mix of anger and gloom over austerity measures imposed by leaders trying to contain the eurozone's intractable debt crisis. Spanish Prime Minister Mariano Rajoy is trying desperately to cut a bloated deficit, restore investor confidence in Spain's public finances, lower the 24.4 jobless rate, and fend off fears it will join Greece, Ireland and Portugal in needing a bailout. (AP Photo/Manu Fernandez)
People protest during a May Day rally in the centre of Barcelona, Spain, Tuesday, May 1, 2012. Tens of thousands of workers marked May Day in European cities Tuesday with a mix of anger and gloom over austerity measures imposed by leaders trying to contain the eurozone's intractable debt crisis. Spanish Prime Minister Mariano Rajoy is trying desperately to cut a bloated deficit, restore investor confidence in Spain's public finances, lower the 24.4 jobless rate, and fend off fears it will join Greece, Ireland and Portugal in needing a bailout. (AP Photo/Manu Fernandez)

If you ask companies what’s making it hard for them to expand immediately, a standard set of answers have become a cliché: “the fiscal cliff,” “uncertainty,” “US fiscal policy.”

For all the gloomy rhetoric, most businesses are worried that the program of steep tax increases and spending cuts scheduled to take effect in January 2013 will result in a general economic malaise.

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