What to expect locally after fiscal cliff deal

BAKERSFIELD, Calif. - Late Tuesday night a deal was reached in the fiscal cliff battle. With a 257-167 vote the House dodged widespread tax increases and big spending cuts.

23ABC sat down with the President of California Retirement Plans, Andy Barkate, to discuss what you should prepare for with this deal.

Barkate explained this drawn out war has been a blessing in disguise for local businesses which had plenty of time to plan for the worst outcome, "a lot of businesses that have been worried about this event happening have probably already put plans in place."

The new deal will put a tax increase on our nations top 2%, but Barkate believed everyone will have to make adjustments when it comes to spending.

Barkate said, "every time something happens like this, you get more pay, you get less pay and people basically react to that and adjust. This is going to be another one of those periods of adjustment."

Wednesday morning the bill was sitting on President Obama's desk waiting to be signed.

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