CRYSTAL LAKE – Businesses have hit the “pause” button ahead of the presidential election.

Some business owners are putting off decisions on investment, expansion and hiring until after Nov. 6. Because the outcome could affect everything from the so-called “fiscal cliff” and corporate tax policy to small business regulations and health care reform, they are wary of taking action.

The pending fiscal cliff – a combination of tax hikes and spending cuts to hit Jan. 1 unless Congress takes action – is already hurting the economy by cutting GDP growth by 0.6 percentage points this year, according to a report released Friday by the National Association of Manufacturers.