Fiscal Cliff Impact Dead Ahead

The fiscal cliff deadline is Monday night. Four House leaders met with President Obama Friday to discuss options and possible solutions. Their decisions or indecisions will have a lot of impact on all of us.

The president said Friday evening that at the very least he wants the Senate to put up a bill that would make sure taxes don't go up on the middle class the first of the year, unemployment benefits don't end for two million Americans and that there's a plan to address the deficit. No question inaction will impact many of us.

Small business owners get hit from both sides of the fiscal cliff. “Personally, I sleep a couple hours less at night," says chef Jon Dye. Three weeks ago, Tommy Colina's Kitchen opened a second restaurant at 180th and Pacific in Omaha. “We're going to suffer pretty quickly if we don't see some resolution happen."

Food prices are soaring because of the financial uncertainty in Washington. “Eight or 10 percent in some areas." When you're using premium products, that hits the bottom line. Dairy prices are expected to soar without a farm bill and that hits most of the recipes for Dye. “The fluid milk market drives all cheese prices in America."

Some experts believe milk prices could double. “At the end of the day, you'd hope the quick fix would segue into something more permanent."

What about his 60 or so employees? If there's no deal by Congress, they'll be paying more in income taxes and taking home less in pay because of extra Social Security dollars withheld. “It was something that a lot of people thought, like a lot of things, it's not going to happen, government is going to do what it's supposed to do. What we pay them, get to work guys!!!"

Senate leaders are meeting Friday night and the House has been called back into session on Sunday.


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