file photo of Village Home
Any deal on the deficit will hurt North Jersey households and businesses
SATURDAY DECEMBER 8, 2012, 11:51 PM
BY JOHN REITMEYER, KATHLEEN LYNN AND DAVE SHEINGOLD
STAFF WRITERS
THE RECORD
A payroll tax hike looms. Unemployment benefits could be cut. Medicare and Social Security rules may be changed. Income tax rates might go up.
In large numbers, residents and businesses of Bergen and Passaic counties will feel the consequences from the series of federal spending cuts and tax hikes now known as the fiscal cliff — no matter what happens in Washington.
President Obama and Republican leaders in Congress have been trying to strike a deal on tax and spending policies that would avert the Jan. 1 deadline — a precipice established by Congress as a last-ditch way to break the pattern of record federal budget deficits.
The president has stressed tax hikes for the wealthy in his plan, which also includes cuts in some expenditures, including limited reductions in federal spending on health programs.
Congressional Republicans are emphasizing spending cuts, largely targeting entitlements like Medicare and Medicaid. They oppose tax increases for the wealthy, and stress instead raising revenue by limiting tax deductions and loopholes.
It’s still unclear what the specific terms of a deal could be, if the two sides will reach an agreement, or even if Jan. 1 is a real deadline — as reports emerged last week of talks that could push away the encounter with the cliff for another three months.
But what is clear is that, cliff or no cliff, a lot of residents of Bergen and Passaic counties are likely to feel a sting.
https://www.northjersey.com/news/politics/Any_deal_on_deficit_will_hurt_North_Jersey.html
