Fiscal Cliff Impacts Local Area
By: Bejoy Joseph
Updated: December 5, 2012
HAGERSTOWN, MD- The term fiscal cliff has been a catchphrase in the public over the past few weeks. But one question lingers, how exactly is it going to impact us?
A federal relations official says if President Barack Obama and Congress can't come to an agreement by the end of this year, on how to handle spending cuts and tax hikes for next year, results could be disastrous.
Officials say it could lead to higher taxes for middle class families and cuts in national programs.
"About 98 percent of American families taxes will increase," says Dana Thompson, Director of Federal Relations for State of Maryland. "Some families will experience increases as much as $2,000, which is massive for a regular family if you are trying to get by."
If no agreement is made, it can result in lay-offs for government employees living in our area.
A federal relations official says if President Barack Obama and Congress can't come to an agreement by the end of this year, on how to handle spending cuts and tax hikes for next year, results could be disastrous.
Officials say it could lead to higher taxes for middle class families and cuts in national programs.
"About 98 percent of American families taxes will increase," says Dana Thompson, Director of Federal Relations for State of Maryland. "Some families will experience increases as much as $2,000, which is massive for a regular family if you are trying to get by."
If no agreement is made, it can result in lay-offs for government employees living in our area.
