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Big Corporations Urge for Deal on Fiscal Cliff

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  • Description

    FBN’s Liz MacDonald on the impact of the fiscal cliff on retailers and customers.

  • Duration 4:53
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Talking about the fiscal cliff -- for weeks if not months and protect this morning will it have an impact on consumers.

And a handful of corporations including Wal-Mart CVS Caremark Walgreens are reaching out to lawmakers.

Pushing for the prevention of broad tax increases and across the board spending cuts Liz MacDonald joins us with more about what -- -- we -- -- -- why.

Yeah that's right digging away at Wal-Mart is making some pretty pointed statements about this all of the companies you -- -- Making are very rare public appeal.

To Washington DC to get the fiscal house in order to get a fiscal cliff deal done and Wal-Mart out saying you know customers don't need.

The uncertainty over tax increases CBS also coming out saying.

And -- when you read between lines watch what they're saying about having feel about Washington DC they're saying hardworking families make decisions on their budgets.

Their confidence has already been tested by persistent high unemployment fragile economic growth they want to -- DC is working on their behalf and many have.

Walgreens coming in saying.

Look at our our customers their health future depends on -- fiscal deal their economic future depends on a fiscal deal.

They're working in other jobs -- -- depend on a fiscal deal so when you when you see these companies never before coming out saying.

And then for making any public statements coming out saying look we -- get on the -- and get the job done.

When you read between allied to see what their interests are -- the concerns are with their focuses -- 9% of people face a tax increase in this country they don't deal with.

With -- -- it lending.

Tax.

Expiration of the bush tax cuts and did you would go from getting a tax credit in some instances to Holland.

More than a thousand dollars in these -- households only make it like 2030000 on the year it's incredible.

Yep that's right taken -- what we're seeing is these companies are saying look at our customers purchasing power is gonna get -- And that means possibly Arab from you know our own revenues are gonna get -- to these letters and make any difference at all you know how Washington works it's an important question.

Person -- -- -- Washington DC watched patent covered it.

It seems to be that the voters matter more -- mean certainly the jobs council was ignored the economic recovery board was ignored.

Since samples was ignored the CEOs weighing in yet and listen to but whether that.

You know Washington DC -- politicians will.

We'll do anything on what they say that means to be seen.

And it could initially -- -- is that companies and asked that they forward after they were basically saying look we don't want president Obama's policies we don't like his policies.

And many of them that support -- governor Mitt Romney so.

You know this is -- -- -- rare move by Wal-Mart and CVS and Walgreens coming out now saying -- and by the way.

In any economist John Taylor made a good point is that most of the fiscal -- was not created by martians.

Or billions to matter space it was created by congress right.

And so you know what what all of a sudden we're headed to the -- the whole deal with the news that.

Breaking news that this is the fiscal cliff right around a quarter it's been with us as you point out for very long time over here you think -- -- -- I think they'd do -- but now there's this.

In a break the class -- the last you know press the pause button idea coming at us and congressman Washington DC to stall -- -- for six months of the year.

But that goes right into the mid term elections because CD yourself is that a good strategy for DCD even contemplate because of effect.

You know they let their chances that being reelected come that bad thing I'm nick.

Terms and in the entire tax cut is essentially temporary -- -- -- -- you know they got to do with AMT.

Because again have to fix AMT there of their although of their vast parts of the taxpayer not just the income tax rates that are gone out the.

Yes and you know I think is something time and again we have at the tax code is the 20% report that -- It is another way of pork spending so you hear the same -- happened and it's right.

Now I sent them.

Maybe I should repeated they can -- -- I was set -- -- on business over the weekend they're talking about it since like how the government tries -- incidents to change people's behavior.

I'll like get the government essentially gives you the incentive to get it on because all -- tax breaks you get -- -- Yet well that's interesting too well I'd look this.

If given tax credits and child care credit Ayers thing but to get it on these banks again on us -- -- -- -- -- -- like that says well I'm Edward G rated I essentially said look at who we're gonna trusted do tax reform.

You know.

You know Harry Reid and Charlie Rangel like -- the cat among the pigeons so it as a way to go to -- little bit more blunt about it having covered the IRS and taxes thing.

Located about a dollar you can't really -- the thing is is like it attacks has fascinating in its complexity that we all made products Jennifer -- these people just make cities that's threatening thank you as I was delighted always making that actually interesting and easy to understand what they -- -- you all ever having Thanksgiving my group of guard.

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