BofA Chief Moynihan Says Fiscal Cliff Already Hurts Economy
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Bank of America Corp.’s commercial customers are already reacting to the “fiscal cliff” that looms over the U.S. budget by putting off purchases, Chief Executive Officer Brian T. Moynihan said.
Businesses have held back on buying capital goods until the outcome of negotiations in Washington becomes clear, Moynihan said today at a New York investor conference sponsored by Bank of America. Tax increases and spending cuts could equal 4 percent of gross domestic product, he said.