Regardless who wins the Presidential election, advisors are worried about the consequences of the fiscal cliff, according to a survey by the Association for Financial Professionals, a global resource and advocate for the finance profession.
Most of the respondents believe that without action to address tax cuts and spending cuts that are set to roll out at the end of the year, economic conditions will worsen.
"Companies are looking beyond the elections," said Jim Kaitz, president and CEO of AFP. “Negotiating the fiscal cliff and putting America's finances on a sound footing are the key aims of corporate treasurers.”
Sixty-three percent of respondents saw resolving the long-term fiscal/deficit issues as the most important area of focus in order to support business activity and economic growth, while 49% thought implementing changes to avoid the fiscal cliff was imperative.
The survey, administered at the 2012 AFP Annual Conference in Miami this Monday, elicited response from 949 senior finance and treasury executives across a broad range of companies, typically with annual revenues over $500 million.