"Fiscal cliff" already affecting U.S. economy: BofA CEO

Fiscal brinkmanship in Washington is already affecting the U.S. economy as worried businesses invest less in equipment, Bank of America Corp (BAC.N) Chief Executive Brian Moynihan said.

U.S. lawmakers return to the capital Tuesday with a seven-week deadline to agree on averting the so-called fiscal cliff - scheduled tax hikes and budget cuts, set to take effect in January, which threaten to tip the nation into another recession.

"That uncertainty continues to hold back the recovery," Moynihan said Tuesday at an investor conference in New York.

The bank's clients need more clarity before they make investments, he said.

Read Full Article from Reuters

- Posted: 2012-11-13 15:14:27

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