WASHINGTON — The impact of the rapidly approaching fiscal cliff could devastate U.S. debt-financed infrastructure, Fitch Ratings said Monday.

The fiscal cliff includes $600 billion in tax increases and $1 trillion in automatic spending cuts slated to go into effect in January 2013 if Congress fails to pass legislation replacing those measures with some other combination of spending cuts and revenue provisions. If the cliff scenario does materialize, Fitch said, it could spark another recession and "dramatically affect demand for U.S. transportation assets."

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.