Feldman to President Obama: Solve the fiscal cliff Detroit-style
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Updated:
By myFOXDetroit.com Staff
SOUTHFIELD, Mich. (myFOXDetroit.com) -
FOX 2's Murray Feldman has a word of advice for President Obama. He suggests solving the fiscal cliff the way we've been handling things here in Detroit for years – locking the doors and letting nobody in – or out – until the issue gets resolved.
The stock market had its worst two-day plunge in a year after voters returned President Barack Obama, a Republican House and a Democratic Senate to power.
Investors fear the approaching cliff - tax increases and government spending cuts that begin to take effect Jan. 1 unless Obama and Congress can work out a compromise.
Economists say the hit to the economy next year could be $800 billion, enough to push the United States back into another recession. And financial analysts are predicting more market turmoil as the deadline approaches.
Lawmakers almost certainly will work out a deal - perhaps messily, unsatisfyingly and with lots of theatrics, but a deal nonetheless.
A portion of this text was contributed by AP Business Writers.
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