House Won't Vote on Fiscal Cliff
By: Michael Holden
Updated: January 1, 2013
DECEMBER 31, 2012-The House of Representatives will not vote on any plans to avoid
the fiscal cliff before
Experts say everyone will feel the effects of it.
Deena Coon a mother of two from
"The economy isn't great and not getting our raises anything more
taken out would hurt here," says Deena Coon of
A family of 4 earning 50 thousand dollars, like Deena Coon's could see income taxes rise by 21 hundred dollars...
"Unfortunately with that kind of money it's always the extras that go out... the fun things with you time because pay mortgage and important stuff," says Coon.
According to financial experts, the stakes include more than 500 billion in tax increases for 2013 and 109 billion in defense and domestic program cuts in the upcoming weeks...
"Tax portion is going to rise... and so less take home pay with food on the table and roofs on our heads," says Robert Wallace Gannon University Financial Expert.
Experts say the repercussions of the cliff will affect everyone from the richest of the rich to the poorest of the poor.
Senator Bob Casey Jr says an agreement needs to be reached quickly...
"A line on tax rates from middle class family and very wealthy people will have a measure of certainty or a line so to speak in the sand.... "
