Businesses and taxpayers are waiting to hear whether the White House and Congress have reached a debt reduction agreement to avoid the “fiscal cliff,” a series of tax hikes and budget cuts that take effect in 2013 without an agreement.
One leading manufacturing company executive, Todd Teske, chairman, president and chief executive officer of Briggs & Stratton, explains how the lack of an agreement affects his company:
“The concern with the fiscal cliff, ultimately, is what happens to the housing market. When you look at our business, it’s driven by a number of things, including existing home sales and housing starts.”
The kind of agreement reached is also a cause for concern:
“My biggest concern is a deal that puts us into a recession or impacts the housing market.”
View more of Teske’s comments here.
Rural Lifestyle Dealer talked to Teske in late summer about the company’s decision to pull its lawn and garden products out of mass retailers. Read more.
Also, hear Teske’s comments on what the introduction of ethanol with 15% alcohol means for the outdoor power equipment industry.