Iowans await resolution of fiscal cliff negotiations - KTTC Rochester, Austin, Mason City News, Weather and Sports

Iowans await resolution of fiscal cliff negotiations

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CEDAR RAPIDS (KWWL) -

Stuart Erb of Iowa City admits he's a little frustrated by Washington's inability to come to an agreement by the fiscal cliff deadline.

"It's kind of irresponsible for them to be using it as leverage for political gain," he said

It appears no matter what congress decides, Erb, an Iowa City cab driver, and millions of other American workers will take home a little less on their paycheck this year.

"I'll probably have to cut back a little bit," Erb said.

The two percent social security payroll tax cut which was enacted in 2010 has expired, and there has been little talk to reinstate it- meaning most Americans will pay between $700 and $1800 extra in taxes in 2013.

Erb says he's less concerned about the payroll tax cut and more focused on congress striking a deal.

"Is this a trend that's going to continue if congress or the house are going to continue to bicker over things or if they're actually going to work together and get things done?" Erb said.

Tuesday night questions remains whether the House will go for the Senate deal passed in the early morning hours.

The House is demanding more spending cuts be addressed, something the Senate delayed acting on until a February deadline.

 

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