The Herald Bulletin

Overnight Update

Local News

December 19, 2012

Report: Many Hoosier on edge about 'fiscal cliff'

BLOOMINGTON, Ind. — When it comes to the “fiscal cliff,” Hoosiers are on edge — so to speak.

That’s according to a new Leading Index for Indiana report from Indiana University’s Kelley School of Business, which shows the state’s economic optimism has stalled at 100.3, the same as November’s revised reading. The reading had been on a steady incline most of the year.

Congress has until the end of the year to act on the so-called fiscal cliff, a perfect storm of about $600 billion worth budget-cutting measures and tax legislation that could see cuts across almost every government agency.

Among the factors pulling down the state’s score were the auto sector and the Purchasing Manager’s Index, which fell to economic contraction levels.

“As Washington edges ever closer to the fiscal precipice, one might be forgiven to think that the potential of falling off the cliff would focus the minds of congressional leaders and the president. It appears that some progress is being made, but the fiscal clock is moving rapidly toward midnight,” said Timothy Slaper, director of economic analysis at the Indiana Business Research Center in Indiana University’s Kelley School of Business.

“Even if politicians can talk themselves off the ‘fiscal cliff,’ policy and economic uncertainty may be sufficient to sap the economy of any momentum,” he said.

Find Baylee Pulliam on Facebook and @BayleeNPulliam on Twitter, or call 648-4250.

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