What does the fiscal cliff mean for you?
Photo: Video by kgun9.com
CREATED Dec. 27, 2012
Reporter: Maggie Vespa
TUCSON, Ariz. (KGUN9-TV) - "Fiscal cliff". They are two little words that could have a big impact on your life.
But exactly what, for many, is unclear.
"I think we'll be okay, but obviously money out of our pockets less money that we're going to spend," said one woman.
"Maybe increase in taxes, like as far as your insurance," said a second.
"I'm starting to read up on it, but it's not that big on my radar yet," said one man.
Many economists say it should be.
According to the Tax Policy Center, a failure to work out a deal in Washington, will impact 88% of taxpayers in the U.S.
On average, taxes will go up by $3,500 a year.
Add to that, cuts to federal spending, which could drive up costs for a plethera of programs, including those dealing with agriculture and law enforcement.
But perhaps the biggest blow would hit the unemployed, with jobless benefits for 2 million Americans, 60,000 in Arizona, coming to a screeching hault.
"I think we get just as jittery," said Celina Somoza is program manager at OneStop career center.
For her clients, she says waiting is the worst part.
"Experience shows us that it's going to work out eventually," said Somoza. "It's just, to know when is it going to be soon enough for the people that really need that."
Meanwhile, her advice on finding a job remains unchanged.
"Maybe it means that you need to go back to school, or maybe not even back to school. Maybe it's to go to school for the first time."
Somoza adds, if you have fallen on hard times, or worry you will, spread the word.
"Letting the grocery store people that you're looking for employment. Letting others know. Because you never know where that job might be."
Advice she hopes provides comfort to those left in legislative limbo.
"I think it works out in the end, but you just never know where that end is going to be."
To find out how a non-deal on the fiscal cliff would affect your family, click here.