What happens if the country falls off a fiscal cliff? - WCAX.COM Local Vermont News, Weather and Sports-

What happens if the country falls off a fiscal cliff?

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BURLINGTON, Vt. -

A term we're hearing a lot these days is "fiscal cliff." If Congress and the president can't agree on a plan, a series of tax increases and spending cuts will go into effect Jan. 1. Many people would see their taxes go up, while the government budget would be cut, reducing spending on defense and lowering some benefits.

But with so much uncertainty there are already impacts, especially when it comes to taxes.

Rick Wolfish is a certified public accountant with Gallagher, Flynn and Company. He appeared on The :30 to explain what all this could mean for your wallet. Watch the video for more.

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