Republicans and Democrats in Washington are attempting to negotiate a deal to avoid the so called Fiscal Cliff, a combination of tax increases and spending cuts totaling almost $600 million, but with no deal in sight, the deadline is looming.
Without a deal, the tax increase and spending cut combination takes effect January 1, 2013.
You can calculate your fiscal cliff tax increase here.
Congressional leaders were unable to come to a deal this time last year, instead putting in place spending cuts and tax rate increases that are so undesirable to both sides, Congress would be forced into a deal.
So far, no deal.
However, Republicans and Democrats are seemingly a long way from finding common ground.
Republicans want to extend tax cuts for everyone, including high income earners.
Democrats want to only extend tax cuts for those people making less than $250,000.
WFMY News 2