kick in, hours from now, on january 1, and if the president and congressional lawmakers cannot hash it out, the united states could fall into another recession. here is part of the framework for the agreement. the bush tax cuts would expire for incomes above $400,000 for individuals and $450,000 for families. unemployment benefits would continue for one year and the estate tax would go up. we have learned lawmakers are still working out the automatic spending cuts. president obama weighs in saying middle class families can not get caught in the middle. the last thing folks like the folks up here on this stage can afford right now is to pay an extra $2,000 in taxes next year. middle-class families can not afford it, businesses cannot afford it, our economy can not afford it. trace: traders on wall
we checked with the managers all afternoon . word from the top the game between the chiefs and panthers will go on . this afternoon, we saw the panthers arrive here and they are in kansas city tonight and that game is expected to go on. harris. robert towns end reporting live in kansas city. 30 days from today, just one month, your paycheck could shrink. on january 1 . we go over the so-called fiscal cliff. and massive government spending cuts. and some people fear going off of the cliff could cost thousands of jobs and push our fragile economy back in recession. it seems like we have been down this road before. that deal according to the president and congressional republicans is far from a sure thing. the president said it was a
counties across 26 states. the bone dry conditions are destroying farm crops and one analyst estimates that 75% of the corn crop in the drought region is now wiped out. that could drive up food and fuel prices across the entire country and brings us to rob marciano live in bu. we have corn that should be taller than it is right now because of the drought and because of the heat. this stalk should be well up and over my head. there s a couple of examples of ears of corn. this was tough to find, a decent one, what you would typically see in a healthy environment but this is what we ve been seeing, ears of corn not even close to developing and not even pollinated. not only here in indiana but across the corn belt as far north as the canadian board enand across the southern plains. this part of this particular field is pretty healthy, we re right at the edge, the corner, it gets more circulation and runoff from the road. i want to bring in bob smok, another local farmer. you ha
were unwilling to go along. i hope they change their mind. just briefly, when do you think the show down is really going to happen. you were supposed to go out next week. it would be a huge mistake for the country for us to go pack our bags before we dealt with the very important issues. if we don t act, on january 1, every working american will see a tax hike. so people would have extra in their pockets during this fragile economy. that is what we should be doing and the same holds true for unemployment compensation. congress should not.
and dennis joins us now. what is going on? reporter: opponents of obamacare when the virginia court ruling came out and said federal government you cannot force people to buy insurance, they thought it was derailed but the other elements of the law are creeping into place. on january 1, 2011, 50 percent drug discounts on brand names for elderly, you think it is great, it will cot cost more. and quality control, all january 1, 2011, but other things on the cost side, they are not coming in, until october of dwrch. including innovation to bring down the costs and january 1, also, profit caps on insurers they have to use 85 percent of all they receive on direct medical expenses and that is price control. neil: isn t that what