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Last updated on Saturday, December 29, 2012
(INDIANAPOLIS) - Time is running out as the so-called fiscal cliff approaches and President Obama is pushing senate leaders to reach a compromise.
President Obama met with congressional leaders in a last-minute effort to reach a deal Friday.
"I believe such a proposal could pass both houses with bipartisan majorities as long as those leaders allow it to actually come to a vote. If members of House and Senate want to vote no, they can. But we should let everybody vote. That's the way this is supposed to work," Obama said.
Ball State University economist Mike Hicks explained how the crisis could affect a typical working Hoosier - A person making $40,000 a year, would see almost a $2,000 tax increase.
If a compromise is not reached, Hoosiers will feel the impact nationally and locally.
Hicks predicts the country will be in a recession in 90 to 120 days and see the unemployment rate rise and the stock market will suffer.
If the Senate reaches an agreement, the House could vote on a compromise as early as Jan. 2, the day before the new Congress takes office.
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