WASHINGTON (WXOW) -- House and Senate members will reconvene on Thursday, as President Obama is back in Washington D.C. to deal with the fiscal cliff.
House Speaker John Boehner says he would give House members a 48-hour notice of any upcoming vote, which means that the soonest the House could consider a bill would be on Saturday. Saturday will be just two days before a deadline to make a deal or trigger a rise in taxes and steep budget cuts.
If Republicans and Democrats fail to make a deal, the start of 2013 could be uneasy for many Americans.
Some $536 billion in tax increases would impact nearly all Americans, because various federal tax cuts and breaks expire at the end of the year.
About $110 billion in spending cuts divided equally between the military and other federal departments.
Economists predict our country would plunge into a recession and there would be a big jump in unemployment and financial turmoil.
According to the Tax Policy Center, taxes would jump $2,400 on average for families with incomes of $50,000 to $75,000. Consumers would get less of their paycheck to spend, businesses and jobs would suffer.
A single person, earning $43,000 a year, could face a $3,000 tax hike.
Another big problem if we go over the fiscal cliff would be the stock market and the nation's financial confidence. Economists question if traders would panic if Washington appeared unable to reach a deal.
Stock prices around the world dropped on Friday after the plan proposed by House Republicans to address the fiscal cliff collapsed.
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