U.S. families concerned about “Fiscal Cliff”Fargo, ND (WDAY TV) - As time ticks down for the end of the year deadline, worry over the country's "Fiscal Cliff" is growing.
By: WDAY Staff Reports, WDAY Staff Reports, WDAY
Fargo, ND (WDAY TV) - As time ticks down for the end of the year deadline, worry over the country's "Fiscal Cliff" is growing.
President Obama took to twitter today to hear concerns. His question and answer session comes as the White House and Republicans try to negotiate a deal.
The White House asking Republicans to agree to extending the Bush tax cuts, set to expire the end of this year.
That's also the time when spending cuts across the board kick in. If Congress fails to compromise, the average U.S. family will see about 2,000 dollars more in taxes.
Duane Emmel, The Village Financial Counselor: “I think the concern is, will my taxes go up? How's that all going to translate because in a lot of cases, wages have not gone up. So it just means less take home pay, less money that individuals will have for spending.”
The President's plan calls for about $1.6 trillion in tax increases over the next ten years.