BURLINGTON, Vt. -
There are a lot of concerns about the economy's fragile recovery and what could happen if we go over what's being called "The Fiscal Cliff."
That's the drastic governments cuts and tax increases that will go into effect if congress doesn't act by the end of the year. We wanted to know what could happen to you, the taxes you pay, and the services you depend on if we go over the cliff.
"It's not like you're going over the cliff and nothing can be done the day after," says Sen. Bernie Sanders, I-Vermont.
"It's much more important to get a good deal for the American people," says Rep. Peter Welch, D-Vermont.
Both Sanders and Welch say they would like congress to find a compromise to prevent going the fiscal cliff.
"I'm a skeptic. I don't think that's likely to happen," says Welch.
Once the country goes over the cliff, automatic cuts and tax increases kick in. The average family would see their taxes go up $2,000. Government services from defense to Medicare to unemployment benefits would be cut.
"I would prefer not go over the fiscal cliff. I'd prefer to reach an agreement in the lame duck session," says Sanders.
Sanders and Welch says the important thing is getting the right agreement to reduce the country's deficit, which would avoid the cliff. They say a key point will be raising taxes on people making more than $250,000.
"Anything that we do is going to be an adjustment," says Welch.
The cliff takes effect January 1st. It was congress' own idea during debt negotiations last year to force politicians to take the issue seriously.
