Wanted: Local reaction to ‘fiscal cliff’
December 4, 2012
The “fiscal cliff” is dominating the national conversation, and The Issaquah Press seeks residents concerned about the ongoing negotiations and potential fallout.
White House officials estimate a typical middle-class family of four could see taxes rise by $2,200 if the president and lawmakers cannot reach a deal to avert the crisis.
The term “fiscal cliff” refers to more than $500 billion in tax increases and across-the-board spending reductions set to occur unless President Barack Obama and Congress can reach a compromise to reduce the national deficit.
If the president and lawmakers cannot reach a compromise on the “fiscal cliff,” experts predict taxes could rise for most businesses and individuals, and automatic spending cuts could shrink domestic programs and the military.