Country Nears the Fiscal Cliff

By Scott Sarvay

November 8, 2012 Updated Nov 9, 2012 at 6:43 PM EDT

Washington D.C. (www.incnow.tv) - Now that the elections are over, the President and politicians in Washington return to work on their number-one priority, balancing the budget and avoiding a fall off the fiscal cliff.

Americans’ could see major changes in their paycheck if a compromise isn’t reached by the January 1st deadline.

If the Budget Control Act of 2011 goes into effect, it could mean sizeable tax increases and significant cuts in some key areas.

Speaker of the House, John Boehner of Ohio says he believes a compromise is "doable."

He made it known that he and his coalition of House Republicans are ready to work with President Obama and get the job done.

Boehner says, “Mr. President, this is your moment. We're ready to be led, not as Democrats or Republicans, but as Americans. We want you to lead, not as a liberal or a conservative, but as President of the United States of America. We want you to succeed. Let's challenge ourselves to find the common ground that has eluded us. Let's rise above the dysfunction and do the right thing together for our country."

The deal could include new tax revenue though, to help reduce the debt.

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