Fiscal Cliff: The Impact
Governors and Mayors across the country are starting to get nervous after negotiations on the fiscal cliff are moving very slowl
In Washington this morning, fiscal impact.
With negotiations slow-going, leaders around the country are starting to look at the impact on their own states and cities if we go off the fiscal cliff.
No movement here. As both sides stick to their principles... And mayors and governors worry how less money from Washington will affect people where they live.
There's growing angst on Capitol Hill over the fiscal cliff.
Mayors are getting nervous. "Congress needs to act immediately," said Mayor Marie Lopez Rogers, (D) Avondale, Arizona.
And the public is worried. In our new NBC-Wall Street Journal poll, 70% of Democrats and 59% of Republicans urged compromise over principles.
The country's evenly split over whether that will happen.
Republicans rejected President Obama's latest plan to accept less tax revenue - and sent their exact same offer back to the White House with no changes. "I don't believe that we've heard anything from the leadership that suggests they have moved off their position," said White House Press Secretary, Jay Carney.
"I remain the most optimistic person in this town but we got some serious differences." House Speaker John Boehner/ (R) Ohio
Federal Reserve chair Ben Bernanke warns: gridlock is already affecting the economy. "Why is it that consumer confidence dropped so sharply this week? Why is it that small business confidence dropped so sharply? Why are the markets volatile?" Federal Reserve Chairman
Even a short-term fall over the cliff, he says, could be costly.
Tracie Potts, NBC News.