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IF THE PRESIDENT AND CONGRESS
DON'T COME TO AN AGREEMENT,
THERE WILL BE AUTOMATIC SPENDING
CUTS AND TAX INCREASES. 22NEWS
REPORTER ANARIDIS RODRIGUEZ
JOINS US LIVE TO EXPLAIN WHY
THAT MEAN LEAVE MORE PEOPLE
JOBLESS.
IT ALL STARTS WITH A DATE,
DECEMBER 31ST, 2012. THAT'S WHEN
PAYROLL TAX CUTS FOR EVERY
AMERICAN EXPIRE AND AUTOMATIC
SPENDING CUTS KICK IN.
LAWMAKERS ARE TRYING TO STAY
AWAY FROM WHAT THEY ARE CALLING
THE "FISCAL CLIFF," SAYING THE
CUTS COULD TRANSLATE INTO A
FINANCIAL DISASTER. THE
CONGRESSIONAL BUDGET OFFICE SAYS
THE BOOST IN YOUR TAXES WILL
RESTORE $95 BILLION IN REVENUE.
AND THAT THESE TYPES OF FISCAL
POLICIES COULD CUT THE $1.1
TRILLION DOLLAR DEFICIT BY $607
BILLION.
ABSOLUTELY CUT AND THEY SHOULD
CUT THE DEFENSE BUDGET, THE
MILITARY BUDGET. THAT'S WHERE
THE CUTTING NEEDS TO HAPPEN. NOT
THIS SILLY, SMALL AMOUNTS OF
MONEY THAT ARE GOING TO SOCIAL
PROGRAMS.
FEDERAL RESERVE CHAIRMAN BEN
BERNANKE SAYS THE LOOMING
DEFENSE CUTS COULD SLASH AN
ESTIMATED 100,000 JOBS. THERE
WILL ALSO BE AN $11 BILLION
DOLLAR REDUCTION IN MEDICARE
PAYMENT RATES FOR PHYSICIANS.
THIS AFTERNOON, PRESIDENT OBAMA
SAID HE WOULD VETO ANY
LEGISLATION THAT WOULD END TAX
CUTS FOR AMERICANS MAKING
250,000 OR MORE. LIVE IN
NORTHAMPTON, ANARIDIS RODRIGUEZ,
22NEWS.