BUFFALO, N.Y. (WIVB) - News 4's Rich Newberg took a closer look at how going over the Fiscal Cliff could affect so many people.
He says it would hit us, and it would hit us all hard especially for those who own small businesses.
Those who own small businesses would be unable to plan for the coming year because of consumer uncertainty.
We look to Washington for answers but so far, we're getting no indication of any compromise.
President Obama is holding closed door discussions with top Congressional Democrats and Republicans in an attempt to reach a last minute agreement to avoid automatic spending cuts and tax increases due to kick in on January 1st.
"Most economists believe that if we go off the so called Fiscal Cliff, the economy will go back into a recession which is not a good thing," said Congressman Brian Higgins.
It will certainly not be good for taxpayers if we all go over the cliff:
-A single person with a $30,000 dollar income, taxes would go up a thousand dollars.
-A family with two children making $50,000 a year would pay $1,400 more in 2013.
-A couple without children making $75,000 would have to shell out $2,700 dollars more in taxes.
Find out more from the Tax Policy Center
Owners of small businesses are fearful of the nation possibly sinking back into a recession. Jim Fleckenstein had opened a second center for Preschool activities in Orchard Park just as the great recession hit in 2008. His family was also expanding, but the business survived.
Fleckenstein says, "We made it, here we are, We're stronger now than we ever have been. Now, we're facing even more questions going forward into 2013."
Questions no one seems to be able to answer.
If there is action, it must come in the next few days. Lawmakers in Congress know there is public disgust with the gridlock.
Congressman Higgins is being called back to the House on Sunday. Congress would have to vote on something the next day, which is New Year's Eve.
Eighty-two-year-old Edward Spencer was making a left hand turn while exiting the Budwey's parking lot when he struck 52-year-old Sandra Garner and 55-year-old Kevin Nowak, according to authorities.
An angry mother who claims her daughter was dropped-off miles away from home wants answers.
Deputies say a teen driver fell asleep at the wheel early Thursday morning before crashing head-on with another vehicle.
Police say a Jamestown man was selling crack cocaine out of his barber shop on East Second Street.
City Hall is considering turning to taxpayers to help keep the lights on at the only movie theatre in downtown Buffalo.
Experts are being brought into Niagara Falls to deal with a rat problem that Mayor Paul Dyster calls "extraordinary," and neighbors say they have had enough.