If Republicans and Democrats don’t reach a 12th hour deal to avoid the “fiscal cliff,” many lower-and middle-income families will feel deep pain, according to analysis by economists and respected think tanks.

The Budget Control Act, set to expire at the end of the year, will usher in draconian social spending and defense cuts along with tax hikes on all Americans if lawmakers can’t get a deal done. Much of the impact of such a decision –or non-decision – will come later in the year, some changes will be immediate.

“The most immediate one is the payroll tax,” said Chuck Marr, director of federal tax policy at the Center for Budget and Policy Priorities, a fiscal policy and public program research group. “That’s going to come right out of your paycheck, your first is one going to change.”

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Wilhelmina Leigh, a senior research associate at the Joint Center for Political and Economic Studies, an independent research group in Washington, D.C., said that uncertainty about the direction of the country’s economic policy is just as bad the specter of the fiscal cliff, because it becomes harder for businesses, domestic and abroad, and American families to plan for the future.

“You don’t know exactly where the shortfall will hit you,” said Leigh. “It’s going to show up in a lot little ways.”

Read more at the Greene County Democrat.