MARYLAND - It's looming over the heads of all Americans: $668 billion in spending cuts and tax hikes could drop right in our laps, if congress doesn't act. President Obama has been adamant about reducing the deficit.
"That means asking the wealthiest Americans to pay a little more in taxes," said President Obama.
Republicans have held strong on refuting tax increases and helping our small businesses. On Thursday, more than 600 of those business owners and leaders called on Congress to end tax cuts for the top 2 percent.
WMDT sat down with a local finance expert to see where the economy stands, if no deal is reached by January 1st.
"It's likely the tax increase will lower corporate profits in addition to raising unemployment. This kind of combination will have a significant effect on the state revenue," said Salisbury University Professor of Finance, Dan Ervin.
That tax jump could cost the average household $3,600. According to a recent poll, if that happens 53 percent of Americans say they blame the GOP.
"We don't have a revenue problem, we have a spending problem," said PocOmoke resident, George. Glovier.
"The election results basically say that the American people want congress to get off their butts and do something, not just stop things from being done," said Salisbury resident, Susie McKeen.
President Obama met with the top leaders of the House and Senate for more than an hour Friday. Congressional leaders expressed confidence they could reach a deal before Christmas.
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