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Cramer Quick Take: Fiscal Cliff Is Not Overhyped

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NEW YORK (TheStreet) -- Should investors really worry about the fiscal cliff or have the media been blowing things out of proportion? Jim Cramer told Debra Borchardt at Monday the fiscal cliff is a real concern and one to which investors must pay attention.

Cramer said spending cuts set for Jan. 1 are harsh and the subsequent job losses will be significant if no deal is reached. He said companies will be hard-pressed to hold their earnings numbers if a recession is imminent, so they're very likely to start laying off staff sooner as opposed to later.

Cramer said it's silly to think there will be no impact from the fiscal cliff. He said Federal Reserve Chairman Ben Bernanke is worried, so Cramer is, too.

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-- Written by Scott Rutt in Washington.

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