Feedback at 5:00- Fiscal Cliff - Northern Michigan's News Leader

Feedback at 5:00- Fiscal Cliff

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Lawmakers have 29 days to figure out how to keep the U.S. economy from going over a so-called "Fiscal Cliff."

A deal must be reached by the end of the year, or $1.2 trillion in cuts will take place, and the country could face another recession.

To stop it, the White House wants to extend tax cuts for the middle class, and raise taxes on households making more than $250,000 a year.

Republicans reject the plan, saying raising taxes would hurt small business.

For now, there is no indication that both sides will compromise.

The Tax Policy Center estimates middle-class families would pay about $2,000 a year more in taxes, if no deal is reached to keep taxes the same rate.

For tonight's "Feedback at 5:00," are you worried about the fiscal cliff?

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