White House warns impending ‘cliff’ could hurt holiday spending

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White House warns impending 'cliff' could hurt holiday spending

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WASHINGTON (AP) – As Washington gets back to work on avoiding the automatic spending cuts and tax hikes that would take effect in January, White House economists are warning that the uncertainty facing U.S. taxpayers could cause consumers to rein in their spending during the current holiday season.

The report by Obama administration economic advisers says retailers “can’t afford the threat of tax increases on middle-class families.”

The warning has helped to keep stock prices in check today.

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