Survey: Fiscal cliff has been 'eh,' not Armageddon

AP News
Posted: Apr 22, 2013 12:04 AM

NEW YORK (AP) — Washington's belt tightening is having a minimal effect on businesses, a survey of business economists released Monday shows.

The National Association for Business Economics survey asks how higher taxes and lower government spending effected businesses in the first three months of 2013.

Ninety-three percent of respondents say the political developments had no effect on employment levels in the first quarter, and 95 percent say they had no impact on capital spending plans.

Overall, the results paint a picture of businesses feeling better than they were in the fourth quarter, when the fiscal cliff was still looming, but not as good as they were a year ago.

NABE members list global economic conditions, potential further government spending cuts, and the "regulatory environment" as their biggest concerns for the next three months.