Wabash Valley unaffected by Fiscal cliff

TERRE HAUTE, Ind. (WTHI) - The looming fiscal cliff has come and gone.

90 minutes after the midnight deadline, the Senate passed a deal.

As decisions await a final vote, News 10 asks, will it impact you?

"It definitely will boost confidence that they did reach a deal, at least that's what we're hoping for," M. Moggers Restaurant & Pub General Manager Riley Volk said.

You're likely to see 2 percent less in your paycheck because the payroll tax cut has expired.

Taxes will stay the same for most.

Moggers in Terre Haute hopes that will aid in a boost in sales this year after a stagnant past few years.

"As the economy goes the restaurant business usually goes, it is a luxury that people have," Volk said.

Unemployment benefits will continue.

Security tax cuts will go away.

However, local experts say the deal hasn't fixed anything.

"We're still going to be running trillion dollar deficits, everything they didn't really deal with the underlying problem, which is the deficit in debt," Indiana State University Professor of Economics Dr. Robert Guell said.

Long-term, local federal employees could be affected in two months when the Senate addresses $110 billion in government spending cuts, also known as the sequestration deal.

Small business owners will feel the pinch.  

"The underlying uncertainty that's not been resolved is how small businesses that don't provide health insurance and will be compelled to provide health insurance are going to accomplish it," Dr. Guell said.

The deal is in place to avoid the cliff, as the political debate over deficit-reduction continues.

Federal lawmakers are continuing to work on resolving these issues.