Efforts to save the nation from going over the fiscal cliff - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Efforts to save the nation from going over the fiscal cliff


WASHINGTON (WKOW) -- House and Senate members will reconvene on Thursday, as President Obama is back in Washington D.C. to deal with the fiscal cliff.

House Speaker John Boehner says he would give House members a 48-hour notice of any upcoming vote, which means that the soonest the House could consider a bill would be on Saturday. Saturday will be just two days before a deadline to make a deal or trigger a rise in taxes and steep budget cuts.

If Republicans and Democrats fail to make a deal, the start of 2013 could be uneasy for many Americans.

Some $536 billion in tax increases would impact nearly all Americans, because various federal tax cuts and breaks expire at the end of the year.

About $110 billion in spending cuts divided equally between the military and other federal departments.

Economists predict our country would plunge into a recession and there would be a big jump in unemployment and financial turmoil.

According to the Tax Policy Center, taxes would jump $2,400 on average for families with incomes of $50,000 to $75,000. Consumers would get less of their paycheck to spend, businesses and jobs would suffer.

A single person, earning $43,000 a year, could face a $3,000 tax hike.

Another big problem if we go over the fiscal cliff would be the stock market and the nation's financial confidence. Economists question if traders would panic if Washington appeared unable to reach a deal.

Stock prices around the world dropped on Friday after the plan proposed by House Republicans to address the fiscal cliff collapsed.


Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WQOW. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's pubic inspection file should contact News Director Dan Schillinger at 715-852-5920. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.