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How the fiscal cliff could hit your wallet - WCAX.COM Local Vermont News, Weather and Sports-

How the fiscal cliff could hit your wallet

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BURLINGTON, Vt. -

An impasse in Washington, D.C., as the country moves closer to the fiscal cliff. The cliff refers to tax increases and spending cuts scheduled to go into effect Jan. 1.

The White House is pushing Congress to renew middle class tax cuts, but President Obama says he won't take any deal that also extends cuts for the wealthiest Americans.

Republicans, on the other hand, want tax breaks for all Americans, to close tax loopholes and cut nearly $1.5 trillion in spending.

With 25 days to go, there's no deal in sight. So if we go over the cliff, what will that mean for you? Rick Wolfish is a CPA with Gallagher, Flynn and Company. He appeared on the Channel 3 News at 6 p.m. to help us understand. Watch the video for more.

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