Nightly News   |  December 02, 2012

Without fiscal agreement, middle class gets hit

If Congress doesn’t solve the so-called fiscal cliff, nearly every American household will take a financial hit. CNBC’s Sharon Epperson reports.

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>>> while the two sides in washington run the numbers and weigh the political odds of all this, we already know who will pay the cost if no resolution to this budget standoff, american families. we asked cnbc's sharon epperson how a fall over the fiscal cliff will impact almost every household starting in the new year.

>> kate huge is a director of the nonprofit in new york. together she and her husband make $160,000 a year, which puts them square in the middle class tax bracket . they'll be hard hit if the president and congress can't find a way to keep the tax cuts in place.

>> we'll definitely have to think about things, like where is that money going to come from?

>> reporter: almost 90% of taxpayers could wind up paying for taxes. employees could see an increase in the payroll tax from 1.6% to 2.6%. an extra almost 3,500 dollars in taxes for each household. money kate has earmarked for her family.

>> it's going to come out of our home savings fund, out of jackson's college fund or his school fund.

>> reporter: another fiscal change, allow 28 million people, or one in five taxpayers would have to pay the alternative minimum tax for the first time, this could mean a tax of $3,700 on top of what you already owe. unemployment benefits which were once at 99 weeks, could drop to just 26 weeks.

>> i'm very concerned about the national security of our country, but i also have to think got our family as a rye yort.

>> reporter: if congress and administration can't reach an agreement, many americans may have to rethink their frnss.

>>> tonight, afghan military forces are being credited with keeping the attackers under control.

>> reporter: it seems to be a