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"Fiscal cliff" is one name given to a conjunction of large federal tax increases and spending cuts set to begin in January unless Congress takes action on those measures, which have been pushed into the future multiple times amid highly charged political battles.
A Congressional Budget Office report last week said the U.S. economy likely would slide into a "significant recession" when Bush Administration tax rates expire for an estimated 100 million Americans and $100 billion in mandatory spending cuts, according to the Wall Street Journal.
Concerns about the economy are high on the minds of North Bay wealth managers surveyed by the Business Journal.
"The major challenge is that too many clients watch the nightly news and see the overly negative news about the economy and everything in general," said Charles Root, managing director of Double Eagle Financial in Santa Rosa. "Rarely one sees any positive reinforcement to the changes that have been taking place and there have been many good ones that allow one to take advantage of business opportunities.
"That said, businesses are concerned about costs and uncertainty, as well as future increase in taxes and health care costs. With all these uncertainties, no one wants to make a move other than to hold on to their cash and resources."
[For more of these comments, see "Wealth managers talk about challenges, risk and what’s ahead," Aug. 27.]