USA Today: Stocks Drop As Fiscal Cliff Due Date Nears - KCOY Santa Maria, Santa Barbara, San Luis Obispo - News

USA Today: Stocks Drop As Fiscal Cliff Due Date Nears

NEW YORK, NY. -- USA Today is reporting that stocks fell for the fifth day in a row. Experts say investors are concerned about Washington lawmakers failing to reach a budget deal by the end of the year.

The Dow Jones is reporting the average went down 1.2%, and lost 158 points below the 13,000 threshold.

USA Today said S&P suffered the biggest fall of 1.4% and Nasdaq lost .9%.

President Obama is planning to meet with congressional leaders at the White House Friday afternoon to discuss the budget. They're trying to hash out the details to cut back government spending and avoid an across-the-board tax increase for millions of Americans.

Economists said if a deal cannot be made in Washington, it could push the economy back into another recession.

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