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The Fiscal Cliff Frightens Carmakers

Detroit automakers are expressing concern that the so-called “fiscal cliff” will pull the rug out from under the recovering auto-market.

However, it is not just carmakers harboring such worries. Many government analysts, who, to be fair, are occasionally accurate, say that if the president and Congress don’t stop the billions of dollars’ worth of automatic tax increases and spending cuts from taking effect on January 1, a new recession, one that will not be Bush’s fault, could strike the nation.

Talking about the lack of leadership in Washington DC and the fiscal cliff, Sergio Marchionne, CEO of Fiat-Chrysler, said, “I’ve been following this with much anxiety. I’m relying on the wisdom of the political leadership to avoid this, for all of us.”

Bill Ford Jr., the Executive Chairman of, well you know who, had similar thoughts. “It is vitally important for the economy that we work this out. We [the carmakers] are not isolated from what happens in the rest of the country,” Ford said.

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