National News

Nov 26, 2012 12:04 PM by Associated Press

Stocks open lower on new fiscal cliff warning

NEW YORK (AP) - Stocks are opening lower after a warning from White House economists dampened what had been a huge weekend for retailers.

Shoppers flooded stores in record numbers over the weekend, according to the National Retail Federation. The organization said 247 million shoppers visited stores and shopping websites during the Thanksgiving holiday, up 9.2 percent from last year.

On Monday, however, the National Economic Council and the Council of Economic Advisers said that a sudden increase in taxes for middle-income taxpayers could reduce consumer spending next year by nearly $200 billion.

» There are multiple updates to this story. Please click here to get the latest information.

»Comments

PLEASE HELP US MODERATE COMMENTS

Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at feedback@ksby.com, and include the name of the story and information on the comment.

Thank you! KSBY.com


More News

Most Popular

Top Videos

1 2 3 4