Markets shaken by US budget fears - KTTC Rochester, Austin, Mason City News, Weather and Sports

Markets shaken by US budget fears

Posted:

WASHINGTON (AP) -- LONDON (AP) -- World markets remain under pressure ahead of Friday's budget discussions between President Barack Obama and congressional leaders on averting the fiscal cliff.

A series of automatic tax increases and spending cuts will take effect in January if an agreement is not reached.

Some economists estimate that could cut around 5 percentage points off U.S. growth, plunging the world's largest economy into recession and seriously derailing the global economy.

Powered by WorldNow
All content © Copyright 2001 - 2014 WorldNow and KTTC, a Quincy station.
All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Jodi Neyens at (507) 280-5104. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.