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 - 2013 WorldNow and KTTC, a Quincy station.
All Rights Reserved. For more information on this site, please read our Privacy Policy and 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 Lynn Jacobs 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.