What The Fiscal Cliff Means For Your Wallet

11:11 AM, Dec 27, 2012   |    comments
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WFMY News 2 - We are getting closer to the New Year and still there's no deal in Washington, DC.  President Barack Obama cut his vacation short and is headed back to Washington, DC to negotiate the so-called Fiscal Cliff, but time is running out.

Negotiations are expected to pick back up Thursday as Senator Harry Reid proposes a scaled down plan that will avoid most of the tax increases and spending cuts that kick in January 1, 2013.

We've been hearing about the Fiscal Cliff for some time now, but the question we all want answered is how will it impact me?

Michael Whittenberg, a certified financial expert joined us Thursday on the Good Morning Show to help sort it out.

Whittenberg said nothing catastrophic will happen on the 1st of the year and the government will keep running, but we will start to feel the pinch in our wallets.  He says more taxes will come out of our paychecks right away. 

Whittenberg added it is unlikely that lawmakers will reach a deal before the end of year and a better timeframe for an accord would be mid-January.

To see his full interview and hear the impact Whittenberg expects on the stock market, be sure to click on the video player included in this story.

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