New York Mayor Michael Bloomberg said Friday that the automatic spending cuts and tax hikes that will be triggered if the U.S. goes over the fiscal cliff won't be immediately severe.
During a radio appearance, Bloomberg said: "Nothing's gonna happen on Jan. 2. The stock market may react poorly. I'm not even sure of that. But there's no cliff. This is just something that plays well on your radio show and in the newspapers."
Via Capital New York.