What falling off the 'fiscal cliff' could mean for Idahoans

Credit: Troy Colson/KTVB

What falling off the 'fiscal cliff' could mean for Idahoans

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by Andrea Lutz

Bio | Email | Follow: @KTVBandrealutz

KTVB.COM

Posted on December 31, 2012 at 7:27 PM

Updated Tuesday, Nov 12 at 7:39 AM

BOISE -- What does all this "fiscal cliff" talk mean for the average Idahoan?

“Kicking the can down the road,” said KTVB financial analyst Dave Petso.

Petso says Idahoans could see a $2,000 to $3,000 tax hike without a deal.

Petso believes this deal is sending uncertainty to many people but that it is just a band aid for a bigger picture problem.

“So I do think this is a much bigger problem for coming down the road, and yes this makes for good press today,” said Petso. “I don't think we are going to be falling off any big cliffs.”

Petso is more concerned with the coming years versus the coming days.

“I think the next thing we have to worry about is going to be this deficit ceiling debate that we are going to have to be going through and that is where a lot of people think, it's going to get very contentious,” said Petso.

He says people are concerned about their own financial situations -- their 401ks, retirements and general investments.

If businesses are afraid to expand, Petso says it can affect all of us.

“It is the uncertainty that all this brings to the business climate so small business is supposed to go hire and so with all these unknown costs, these unknown taxes, that is very uncertain for everybody and that is not good,” said Petso.

Petso believes congressional leaders will find a way to prevent the cliff, even as this deadline comes and goes.

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