Reno Residents Brace for Fiscal Cliff

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RENO, NV -- Your neighbors are talking about the indecision in the nation's capital that will take the United States over the 'fiscal cliff.' While President Obama said he and lawmakers are close to a deal, no deal has been approved to avoid spending cuts and tax increases on January 1.

"(It's) unconscionable that congress has done this to themselves and the public," a Reno resident said.

"I think it's horrible that they can't compromise, can't get together," Wendy Wood of Reno said.

The fiscal cliff will result in the average family paying several thousand dollars a year more in taxes. Doctors will see a decrease in medicare reimbursements, leading to fears medicare patients could be declined.

With no vote scheduled for the final day of the year, it appears the nation will go over the cliff for at least a day.

"I really have faith in President Obama and Congress," Barbara Thompson of Reno said.

The effect of the fiscal cliff on the markets may not be felt until Wednesday -- Wall Street is closed for the first day of the year.