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Fiscal cliff could push jobless rate over 10%: Fitch

Tags: Fiscal cliff

The "fiscal cliff" could trigger a second recession in the country's economy and push U.S. unemployment above 10 percent, ratings agency Fitch said on Monday.

Fitch said it did not expect Congress to allow the tax and spending cuts, which have been dubbed the "fiscal cliff", to fall into place given their "far-reaching effects."

The fiscal cliff would "dramatically affect demand" for transportation assets, Fitch said.

In such an event, the agency said it expected airport volumes to range from flat to a 5 percent decline, and road, tunnel, and bridge facilities to see smaller declines than they did in 2008-2009. CTV Two CTV News CTV News Channel BNN - Business News Network CP24