Fiscal Cliff Stifles Capital for Contractors, Developers

The president of the Kansas City chapter of the Associated General Contractors said President Obama’s victory means fiscal, monetary and tax policy will remain mostly the same, but it makes the situation surrounding the “fiscal cliff” less clear.

Regardless of who won, Don Greenwell said, the lack of obvious solutions to the fiscal cliff will cause growth to sputter in the short term. The fiscal cliff generally refers to broad tax increases and spending cuts that would take effect next year without action in Washington.

With less work for contractors, Greenwell said, they’re “going to run out of working capital. We will continue to see business closures over the next couple of years.”

Read more on Kansas City Business Journal.

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