The Fiscal Cliff: Its Impact on You

You can't click on a news website, watch CNBC or read the Atlanta Business Chronicle without seeing something about the so-called "fiscal cliff."

Should Congress and the Obama Administration not hammer out an agreement on federal spending and taxes, a $600 billion monkey on the back of the American economy in the form of tax-relief expirations and automatic spending cuts to things like defense spending takes effect Jan. 1.

If that happens, it's going to hit us directly as consumers in our wallets.

Bankrate.com, a consumer banking and finance website, created an easy calculator to help folks figure out just what kind of effect going over the fiscal cliff will have on individual incomes.

For example, someone who earns $60,000 a year, claims one exemption and files as single, stands to pay $13,049 in total federal taxes if we go over the fiscal cliff, compared with the $10,985 he or she currently pays now.

There's no question we have to make some decisions on spending and taxation. What do you think about the fiscal cliff and how should our longterm spending and taxation be addressed?