Markets rise, but business sees missed chance in ‘cliff’ deal

The Hill
Jan. 2, 2013

Economists and business groups say the “fiscal cliff” deal will provide some help to the economy, but is overall a missed opportunity to put the nation’s fiscal health on track.

While stocks soared Wednesday on news of the deal and the Dow Jones closed the day up 308 points, business leaders expressed disappointment Congress and the White House again put off work on a significant deficit-cutting deal.

“If you were to rank outcomes from 1 being the greatest to 10 being the worst, we’re about an 8.5 to a 9,” said Steve Bell, senior policy director for the Bipartisan Policy Center, which had pushed for a comprehensive deficit deal. “There’s nothing to compel action now ... it’s an extraordinary opportunity missed.”