5:45PM EST November 21. 2012 - Of all the industries likely to get clipped by the fiscal cliff, travel is probably near the top of the list.

Companies are already cutting back on business travel ahead of the scheduled Jan. 1 start of a feared combo of big tax increases and spending cuts that economists warn could cause a recession if they all occur at once.

Companies will spend $20 billion less on business travel through 2014 if the fiscal cliff happens, according to the Global Business Travel Association.

Expedia, the world's largest travel agency, says business bookings by the same clients, which exclude gains from taking customers from rivals, are down recently — they usually grow about as fast as the overall economy, CEO Dara Khosrowshahi says.