Obama: Failure to pass deal will hurt markets

Posted by Forexsq 1065 days ago (http://www.marketwatch.com)
img A failure by Congress to extend tax cuts on the middle class in the next 48 hours and avert the fiscal cliff will likely hurt the economy and financial markets, President Barack Obama said Sunday.

There are just two days remaining to avert the tax increases.

Senate leaders have been working on a possible bipartisan deal that could pass both the Senate and the House.

“We don’t yet see an agreement,” Obama said, in an interview with NBC’s “Meet the Press.”

Higher taxes on the middle-class would depress consumer spending and “hurt our economy badly,” Obama said.

“It is going to be very hard for the economy to sustain its current growth trends if, suddenly, we have a huge bite taken out of the average American’s paycheck,” Obama said.

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