BRISTOL, Tenn./Va. - The possibility of catastrophic spending cuts and tax increases has many Americans on edge, wondering what's going to happen next.
The clock is ticking for congress to come up with a deal on this looming fiscal cliff.
"Don't know what's going to happen to the economy so yeah, I'm a little worried about it," says Virginia resident Tsze Chan.
"The federal deficit is a huge problem and that's why we're facing this," says business owner Ray Compson.
If congress doesn't reach a deal, certain tax cuts will expire, spending cuts will take effect, and tax rates will rise.
"They need to increase certain taxes but at the same time they have to reduce spending," says Chan.
Compson continues, "No one's going to want to put their names on having raised taxes on the middle class."
Small business owners tell News 5 they hope congress makes the right decision, so they can continue to have customers walk through their doors.
"If our taxes go up because of the fiscal cliff, it would be devastating on me personally and on my business."
But they're confident something will be worked out.
"I think congress at the last minute will be forced to act on it, to do something to prevent taxes from going up," Compson says.
"I mean the whole world is looking at the U.S. like, what are we going to do? So, I think it's kind of disappointing they have to wait till the last minute, till the last day to solve this,"
Chan tells us.
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