The election is over and the new political catch phrase is “fiscal cliff.” The fiscal cliff refers to massive budget cuts across the board and tax increases for a majority of Americans. This “cliff” was structured into the Budget Control Act of 2011. Congress is now looking for other alternatives to controlling the growing deficit, so the country doesn’t have to face the consequences.
“The threat would be pitting the economy into another recession,” says Brandon Sheridan, an assistant economics professor at North Central College.
Another recession means consumers will have less money to spend. Local businesses are wary with all these potential changes looming.
Christine Jeffries is the President of the Naperville Development Partnership. “Businesses are locked in place,” Jeffries says. “They can’t expand, they can’t even contract. They don’t know what the future holds for them.”
Local business owner Dave Kelsch wanted Congress to think about the important role businesses play in the economy. “Some of the things they’re talking about could negatively impact virtually everybody, but especially businesses, which in turn affects everybody,” says Kelsch.
Everyone we talked to agreed that Congress needs to meet in the middle and come up with a compromise, giving businesses and consumers more confidence in the economy.
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