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Fiscal cliff fears

By Kay Bell · Bankrate.com
Thursday, November 22, 2012
Posted: 6 am ET

Are you worried about what might happen if Congress and the president can't avoid the fiscal cliff? You are not alone.

Most Americans, 62 percent, fear that the automatic spending cuts and tax increases scheduled to take effect in January will have a major effect on the U.S. economy than on their own finances, according to a recent survey by Pew Research Center for the People & the Press and The Washington Post.

Almost as many of those surveyed (60 percent) the week after the presidential election also worry that fiscal cliff implications would negatively affect their own personal financial situations.

And most think the financial damage is imminent.

About half of those questioned -- 51 percent -- don't think that President Barack Obama and congressional Republicans will reach an agreement by the end of the year to avoid going off the fiscal cliff.

If that happens, look out, Republicans. Fifty-three percent of those surveyed say that in that case they would blame congressional Republicans more than President Obama for the failure.

Even though Democrats might get more political mileage out of a fiscal cliff failure, people who are members of that party are more optimistic than Republicans that a deal will be struck.

Right now, it looks like the positive thinkers have the edge.

Republicans, apparently a bit chastened by their Nov. 6 losses, are talking as tough about taxes as in previous financial standoffs.

House Speaker John Boehner, R-Ohio, who almost negotiated a grand financial bargain involving tax cuts during the 2011 debt ceiling debate, has said he is open to revenue raisers.

This isn't exactly caving to Obama's demand for higher income tax rates for top earners; Boehner means his party is willing to look at eliminating some tax deductions in order to get more money for the U.S. Treasury.

It's a small step, but given Congress' tendency to deadlock, any movement is welcome.

The next task is for Representatives and Senators to change those steps into a steady run so they can complete a fiscal cliff resolution by the end of the year.

Do you think lawmakers will find a way to avoid falling off the fiscal cliff? Who do think will get the better deal, Democrats or Republicans?

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11 Comments
Monte
November 27, 2012 at 12:20 pm

One of the major problems are that the two parties dominnate goverment. Perhaps if we elected more Independents they would end the us against them mentality. With more Independents, congress and the would have no clear majority and Independents could be the swing vote that is needed. Right now the democrats and republicans seem to care more about party solidarity than the people they were elected to govern.

David Beckwith
November 27, 2012 at 2:09 am

Jim,
Maybe if you could read the baloney you would see it aint that. Its spam!

David Beckwith
November 27, 2012 at 2:06 am

Abbey
Shame,shame on you! First you have no idea of affirmative action and that it has become outdated over the last 15 years. So raised in a cave by wolves? Stupid whites and any mention of people of color only highlights your prejuduice and underlying bigogtry and they being on the dole! I suspect you fall into the new age title of the entitled and have nothing of substance but perhaps the 2 kids, dog, fluffly slippers and an axe to gring over what you feel you have been deprived of in your entitlement. Only those without, throw stones at those who have the guts to do what they believe. I alaso suspect since you play sterotypes that you are a Wal-Mart Martian as well. So live and die by the your stero-types.

Daniel Hritsuk
November 26, 2012 at 11:30 am

If O'bama did'nt lose billion of money on the Auto bailouts with Chevy and GM maybe he wouldn't be having this problem. Well maybe not. Does he really know what hes doing?

What do we expect from a guy who was Bill Ayers employee for 8 years and his Chronies buddies of the democratic party.

billy m
November 26, 2012 at 10:40 am

lock them up till they get it done!!!!!!!!cut there pay till get it done ,see how long it takes then

Cliff
November 26, 2012 at 9:34 am

Let it fall apart, it s better then borrowing more money from China to pay for the 47% who dont' want to work. Their the ones that keep voting for these bad politicians that lie to them telling them they will give them everything and to live off the government just so they can get elected again.

abbey
November 26, 2012 at 8:06 am

I am more worried about our communist Affirmative Action President and his Affirmative Action Administration. Even if we don't fall off the 'financial cliff', the country is surely going to fall into a communist nation under this idiot. Shame on all the stupid whites who are on a guilt trip to elect the first black president. And that 93% of blacks who voted for him are nothing more than racists. They surely couldn't have voted for his great domestic and foreign policies. They just want to be on the dole. Which they are....

Maxine Sevin
November 26, 2012 at 7:09 am

If we are going to blame congress, how about all us who voted? you had your chance to do what i did vote a straight ticket, put all your egg's in one basket. then when and if it happen's, you wake up, clean house.you do not put a cat and a rat in the same cage, that is what you did, if you split, at a time you know was going to happen. shame on you. I am 82 voted faithly since Iturning 21,I think if you are rich, be grateful, chances are you will leave it for your family to fight over ha ha.Maxine

roy summers
November 26, 2012 at 6:41 am

the problem here is summed up in the end of your article. they need to stop worrying who will get thr best end of the deal..dems. or repubs., but figure a way for the american people to get thr best deal.

Jim
November 25, 2012 at 6:43 pm

Please quit printing this baloney!