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'Fiscal cliff' threat unsettling small business owners

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    Mike Emanuel reports from Washington, D.C.

  • Duration 2:07
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We are 41 days away from the election and nine.

You know it as the impending fiscal cliff the expiration of the bush era tax cuts and the start of more than a trillion dollars a budget cuts.

Chief congressional correspondent Mike Emanuel reports it is particularly unsettling to one large segment of the US account.

Many small business owners are expressing anxiety as the US economy is facing the so called fiscal cliff.

That translates to some 600 billion dollars in tax hikes and government spending cuts due to take affect.

In the new year I -- it broke away invest back into the community.

I am just I'm holding things back just because the -- It's a survey by the National Association of Manufacturers and the National Federation of Independent Business revealed.

55%.

Say federal regulations taxes government spending.

And the cost of health insurance have hurt the economy and their businesses.

And more than two thirds say there's too much uncertainty to expand grow or hire new workers.

Small businesses are on the sidelines.

And clearly not inclined to invest now -- -- until they see.

What's gonna happen between now and the end of the year.

Experts say it's about risk and reward in business owners are not going to gamble their money when they have no idea what the government might impose.

If we don't maintain that current tax rate -- isn't some type of tax reform.

What this means is we'll have to pull back because it hurts our budgets that means -- -- stop hiring.

Speaker John Boehner has noted the house passed a bill to replace sequestration and would like to extend all of the bush tax cuts for a year.

To allow time to work on comprehensive tax reform.

Before leaving Washington the senate majority leader only focused on extending the tax cuts for the middle class I'm confident that we will -- some kind of an arrangement.

Congressional sources say the outcome will largely be based on who wins the election that party would have the leverage as the clock ticks toward the fiscal cliff -- Mike thank you.

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