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White House: Consumer Spending Will Decline Unless Congress Averts Fiscal Cliffi
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November 27, 2012 12:48 AM
It was a blockbuster weekend for retailers, as Americans took advantage of big discounts to ring in the holiday shopping season. But you wouldn't know it from the reaction on Wall Street. Financial markets were sharply lower Monday after White House economists warned that consumers could put the brakes on spending if Congress allows the country to fall off a so-called "fiscal cliff." Mil Arcega reports.

White House: Consumer Spending Will Decline Unless Congress Averts Fiscal Cliff

Published November 26, 2012

It was a blockbuster weekend for retailers, as Americans took advantage of big discounts to ring in the holiday shopping season. But you wouldn't know it from the reaction on Wall Street. Financial markets were sharply lower Monday after White House economists warned that consumers could put the brakes on spending if Congress allows the country to fall off a so-called "fiscal cliff." Mil Arcega reports.


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