General Electric, the US industrial group, said it had refinanced $5bn of bonds reaching maturity early next year to avoid any market turbulence ahead of a possible looming “fiscal cliff” of tax rises and spending cuts.
Keith Sherin, GE’s chief financial officer, said the company had been strengthening its balance sheet to prepare for the risk of “choppy” conditions early next year if automatic tax increases and sharply lower spending come into effect as a result of the failure of Congress to agree on a budget deal.
Unless Congress can agree, the prospect known as the “fiscal cliff” will take effect in January, threatening to tip the US back into recession.
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