What happens if we go over the fiscal cliff - Fox29 WFLX TV, West Palm Beach, FL-news & weather

What happens if we go over the fiscal cliff

(WFLX) - It's just days until we head over the fiscal cliff and still neither side seems willing to compromise.

If we do go over the fiscal cliff, here's a closer look at some of the things that could have a big impact on our still struggling economy -- starting first with your taxes.

Experts say nearly 88 percent of all Americans will be paying an average of $3,500 extra a year. It would also mean about $1.2 trillion in cuts to defense and other federal programs.

Some Americans receiving extended unemployment benefits will also take a big hit.

In Florida, close to 119,000 people will no longer be able to collect. That includes more than 7,000 in Palm Beach County alone.

In order to fund another year's extension, Congress will have to come up with about $3 billion in extra spending.

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