Is going over the fiscal cliff deadly for me?
Thu, 15 Nov 2012 19:21:24 GMT —
In our Facebook Story of the Day, you wanted to know what the fiscal cliff is and how it could affect you.
Darton Assistant Professor of Economics Aaron Johnson says it is a term that comes from the impending January 1st deadline of sequestration.
Johnson says both the republican and democratic parties in congress must reach an agreement, whether it's adopting a new policy or extending the current before that date or America's economy could drop off creating the term fiscal cliff.
Johnson says it will affect everyone, from schools and businesses to homeowners and employees.
Cutting government spending while increasing spending could inhibit Americans from spending which in turn affect investment and job creation.
Johnson said this would also create a drop in business and consumer confidence, leading to less money being put back into the struggling economy.