Fiscal cliffhanger continues in Washington

Katie Crowther

Fiscal cliffhanger continues in Washington

CREATED Dec. 30, 2012

Las Vegas, NV (KTNV) -- The fiscal cliffhanger continues in Washington as the clock ticks, inching closer to the deadline.

Democrats and Republicans are wrangling over last-minute legislation, in an effort to avert the so-called fiscal cliff.

Tax hikes and major cuts to government programs, could kick-in January 1st, if an agreement isn't reached.

U.S. Senators gathered for a rare Sunday session, but still there's no sign of a deal. They'll reconvene at 11 a.m. Monday. It will be the first time they've met on New Year's Eve, in more than 40 years.

Nearly 25,000 Nevadans are being notified that their jobless benefits will be cut-off after this week, if Congress doesn't come up with a resolution.

Government leaders confirm that falling-off the fiscal cliff could halt Federal Emergency Unemployment Compensation.

That program provides 73 weeks of unemployment to those who've lost their jobs in our hard-hit economy, rather than the standard 26 weeks.

State officials say another 1,000 people stand to lose their jobless benefits each week if the program is not extended.

Many Southern Nevadans are worried about what may happen. Christopher Nolan, President of General Manhattan Financial, says financial advisors have been seeing an upswing in people coming for advice.

He says it's important to budget. Know where your money is going, and  where you could cut-back on spending if need be.

Also if you do currently collect Emergency Unemployment Compensation, keep filing your weekly claims.