Building its public case for extending middle-class tax cuts the White House warned on Cyber Monday that going off the "fiscal cliff" could slow the growth of real gross domestic product by 1.4 percent in 2013 and limit consumer spending during the holiday season, the Wall Street Journal reported.

The report, released on the online equivalent to Black Friday, dampened stock market sales after what had been a huge weekend for retailers, the Seattle Times reported.

“As we approach the holiday season, which accounts for close to one-fifth of industry sales, retailers can’t afford the threat of tax increases on middle-class families,” the report says.

Should the current fiscal situation continue, consumer spending could be reduced next year by nearly $200 billion, the Los Angeles Times reported.

 

The $600 billion tax hikes and spending cuts are due to take place Jan. 1 if the president and congress cannot balance the budget.

Read more of Neon Tommy's coverage of the fiscal cliff here.

Reach executive producer Jackie Mansky here.