Fiscal Cliff Averted: Will This Save You $$?

After weeks of drama, threats and fear in Washington, D.C., the U.S. Senate and House voted on New Year's Day to avert the fiscal cliff.

After the Senate made its move in the wee hours of the day, the House voted late Tuesday to raise taxes on individuals earning more than $400,000 ($450,000 for couples), the New York Times reported. 

Earlier: What falling off the fiscal cliff could cost you.

That heads off tax increases for about 99 percent of Americans, the Los Angeles Times reported. 

How does that affect us on the ground here in the Chicago suburbs? Will your family's paycheck(s) remain the same, as opposed to being shrunk? How does that affect your family?

The deal means there will not be spending cuts on programs, such as Medicare, that benefit middle-class and lower-income earners, the San Jose Mercury News reported. 

However, the payroll tax will increase for virtually all working Americans, who will now see Social Security deductions increased by about two percentage points, NPR reports.

Some Democrats championed that, while Republicans emphasized the need for cuts to pay for expenses the government has already committed to. Where do you stand on this?

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