As President Barack Obama and Republican leaders race to avoid the "fiscal cliff," Bank of America CEO Brian Moynihan said the uncertainty has already hurt business spending for 2013 and said the failure to reach a resolution by year-end presents not only a near-term recession risk, but also the possibility of longer negative effects.
"I'm more concerned about business behavior slowing down than I am about consumer behavior," Moynihan told "Squawk Box" in a CNBC exclusive interview. "I think we're in danger if this thing strings out into 2013 that you could start to have problems of what 2014 would look like."