Bank of America Corp.’s commercial customers are already reacting to the “fiscal cliff” looming over the U.S. budget by putting off purchases, chief executive officer Brian T. Moynihan said.

Businesses are holding back on buying capital goods until the outcome of negotiations in Washington becomes clear, Moynihan said on Tuesday at a New York investor conference sponsored by Bank of America. Tax increases and spending cuts could equal as much as 4 percent of gross domestic product, Moynihan said.

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