Reuters logo
Obama: tax hikes on middle class could lead to another recession
November 14, 2012 / 7:31 PM / in 5 years

Obama: tax hikes on middle class could lead to another recession

U.S. President Barack Obama pauses while addressing his first news conference since his reelection, at the White House in Washington November 14, 2012. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) - President Barack Obama said on Wednesday a tax hike on the middle class could result in slowing retail sales for the holidays, and could affect business planning and hiring.

“We could go back into recession. It would be a bad thing,” Obama said, describing a scenario where lawmakers fail to agree on the tax and spending issues associated with the “fiscal cliff” by year-end deadlines.

Reporting by Roberta Rampton; Editing by Sandra Maler

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below