U.S. Senator Roger Wicker (R-Miss.), on Friday, called on President Obama and Congress to reach a solution to the fiscal cliff -- a combination of the largest tax hike in American history and across-the-board cuts to federal spending set for January. The Senate is scheduled to return on December 27, to continue negotiations.
"The challenge now before us is a difficult one, but there is still time for Congress and the President to reach an agreement," said Wicker. "Americans sent us to Washington to solve the tough problems we face. While some Democrats have said that going over the fiscal cliff might be beneficial, Mississippians would feel the negative impact of higher taxes and indiscriminate cuts directly. Our economy continues to struggle, and failing to act will severely hurt economic opportunity."
If an agreement is not reached, taxes are set to rise by an average of nearly $2,200 for Mississippians next year according to the Heritage Foundation. The child tax credit is scheduled to drop from $1,000 per child to $500, and homeowners would lose important tax deductions. In addition to tax hikes, cuts to defense spending threaten more than 11,000 Mississippi jobs.