White House sounds alarm over "fiscal cliff"

11/26/2012 | Los Angeles Times (tiered subscription model)

Although U.S. consumer confidence is at a post-recession high, it could easily be undermined by failure to reach agreement on the budget and avoid the "fiscal cliff," a White House report warns as lawmakers settle into negotiations on the potential economic disaster. Going over the "cliff," the report says, would cut GDP growth by 1.4 percentage points as well as throw a wet blanket on spending over the crucial holiday season.

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