(Bloomberg) President Barack Obama again warned lawmakers that the U.S. economy will suffer unless there’s an agreement on a way to prevent more than $600 billion in automatic spending cuts and tax increases from taking effect.

If businesses “don’t have confidence that we’re going to get this done, then they’re going to start pulling back” on expansion and hiring, Obama said Thursday during a visit to a family in a northern Virginia suburb of Washington.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access