Local & Regional
7:03 am
Wed December 5, 2012

Oklahoma Treasurer says Fiscal Cliff may Harm Economy

Ken Miller
Credit State of Oklahoma-File photo

OKLAHOMA CITY (AP) — Oklahoma's treasurer says the fiscal cliff's combination of tax hikes and reduced government spending could harm the state's economy.

Congressional negotiators are working with President Barack Obama to avoid steep tax hikes and spending cuts set to go into effect at the beginning of 2013. And Treasurer Ken Miller said Tuesday failure to avoid the fiscal cliff would mean a tax increase for Oklahomans and likely spending cuts at military bases and other government facilities in the state.

Miller says leaders in Washington need to start working together to avoid damage to the state's fragile economy.

Meanwhile, Miller says state revenue collections dipped slightly in November primarily because of reduced gross production payments on oil and natural gas. But he says consumer confidence remains high and sales tax receipts rose.