Consumer spending in Oregon could fall by $2.5 billion if Congress does not block a tax increase for middle class families in the state.
Consumer spending in Oregon could fall by $2.5 billion if Congress does not block a tax increase for middle class families in the state.
The calculation from the President’s Council of Economic Advisers (CEA) came as part of the coordinated campaign to pressure congressional Republicans to reach agreement on a package to avert the spending and tax hits early next year known as the fiscal cliff.
“Faced with these tax hikes, the CEA estimates that consumers in Oregon could spend nearly $2.5 billion less than they otherwise would have in 2013 just because of higher taxes,” the summary released Wednesday night by the White House said. “Consumers nationwide would likely spend nearly $200 billion less than they otherwise would have in 2013.”
Read more at OregonLive.com.
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