Top Bankers Send Message to Washington: It's Time
October 19, 2012 @ 9:28 AM EST
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CNBC reported Friday that top banking and finance industry executives have sent a letter to the White House urging the Obama administration and Congress to take action on the ‘fiscal cliff.’
According to reports, the letter urged the President and Congress to stop the automatic fiscal austerity measures from kicking in at year-end.
The letter, from the Financial Services Forum, was signed by 15 top industry executives and points to rising concern that lawmakers will run out of time to seal a deal to avoid sharp tax increases and spending cuts.
Most analysts agree that allowing the U.S. to “go over the fiscal cliff” will result in the country entering a recession in the first quarter of 2013.
Congress has until December 31 to take action to avoid the country “going over the cliff.” However, it is clear that no action is being taken at the present time as lawmakers prefer to wait until after the election is over to begin.
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