BlackRock is urging U.S. policymakers to address the fiscal cliff, Bloomberg Businessweek reports.

The money manager has taken out advertising space in the Wall Street Journal, the New York Times, and the Washington Post to urge lawmakers to prevent the mandatory spending cuts and tax increases that will go into effect on January 1 if no budget compromise is reached.

"Failure to avert this fiscal cliff would likely plunge America back into recession and destroy 2 million jobs," reads the letter that BlackRock and several other firms published. "Not only would it arrest the current momentum in our economy, it also would damage our nation's ability to finance our debt, attract job-creating investment and generate growth for years to come."

Bloomberg Businessweek reports that BlackRock CEO Larry Fink commented last month that the fiscal cliff is the most important issue facing the country and that the presidential candidates' failure to address it in any of the debates was "shameful." 

Edited by: Chris Cumming


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