‘Fiscal cliff’ already hampering U.S. economy, report says

The fiscal cliff is two months away, but is already causing significant damage according to reports. Hampered growth has already wiped out almost 1 million jobs this year alone and could erase another 6 million through 2014, according to a report by the National Association of Manufacturers, if Congress does nothing to avoid the scheduled round of tax hikes and spending cuts. "I don't think the political leadership in this country has an understanding of how long it could take to turn this boat around," said Thomas Riordan, chief executive of Neenah Enterprise in Appleton, Wis.

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