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CFOs Worried About "Fiscal Cliff"

Pessimism is growing among Chief Financial Officers as debate continues over how to address the impending “fiscal cliff.”  The results of the latest Duke University – CFO Magazine Survey are in.

Campbell Harvey:  "Given the uncertainty of the fiscal cliff, that the CFOs are giving us the very strong message that they have stopped hiring."

Duke Finance Professor Campbell Harvey says more than 70-percent of CFOs say they will reduce hiring if nothing is done to prevent massive spending cuts and tax increases from taking effect at year’s end.  Harvey says CFOs are willing to accept aggressive measures to prevent going over the “cliff.

Campbell Harvey:  "Interestingly, the most favored idea was the “Bowles Simpson” type of approach where you kind of match two dollars of spending cuts with a dollar of revenue increases."

CFOs expect to increase capital spending by only two-point-five-percent over the next year.

Leoneda Inge is the co-host of WUNC's "Due South." Leoneda has been a radio journalist for more than 30 years, spending most of her career at WUNC as the Race and Southern Culture reporter. Leoneda’s work includes stories of race, slavery, memory and monuments. She has won "Gracie" awards, an Alfred I. duPont Award and several awards from the Radio, Television, Digital News Association (RTDNA). In 2017, Leoneda was named "Journalist of Distinction" by the National Association of Black Journalists.
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