WASHINGTON, DC-President Barack Obama has signed into law the legislation designed to divert the US economy from the so-called Fiscal Cliff. While there was no surprise there, neither is there any surprise about the expected infighting that seems to pervade this Administration.
In what CNN has dubbed “A hollow victory for the American People,” new tax and spending debates are expected to extend the partisan bickering well into the near future.
In the meantime, as GlobeSt.com previously reported, many industry leaders say this patchwork solution means little without an overarching fiscal solution.
“Any resolution to the fiscal cliff will be temporary and presage a more divisive debate on entitlement and tax reform,” says GlobeSt.com blogger Sam Chandan. “It should be absolutely clear that we must get our fiscal house in order. The structural deficit is unsustainable and is damaging the country’s long-term growth potential.”
Time is short, warns CBRE global chief economist Ray Torto, because “the Cliff has already revealed some impact on commercial real estate, with a slowdown in investment volume and increased occupier caution.”