By Joe Mathieu, WBZ NewsRadio 1030

BOSTON (CBS) – When you start reading the fine print on the fiscal cliff, you quickly realize this thing would indeed affect everyone.

WBZ NewsRadio 1030’s Joe Mathieu reports

We’ve discussed tax hikes for every working American, that long-term unemployment checks would stop and how automatic government spending cuts would eat into the defense industry in Massachusetts, likely killing jobs.

Q & A: Ask Our Financial Experts Your Questions

But that’s not all.

“What about what it would do to the medical profession in Massachusetts? To our research grants, to public education, to community development block grants. Across the board cuts will hurt firefighting, it will hurt health research.” retiring Rep. Barney Frank told WBZ NewsRadio 1030.

The cuts in education funding are a big concern for public universities.

“About $10 million a year of federally-sponsored research programs that would (be affected), that kind of reduction is going to be hard to take,” UMass Amherst Vice Chancellor Michael Malone told WBZ.

“That’s the money that supports graduate students in the laboratory, faculty for their summer research, equipment, supplies. There’s also going to be an impact on our students because the proposal would also reduce things like Stafford Loans, PLUS loans, origination fees. That would be north of $200,000 a year to our undergraduate students.”

Outgoing New Hampshire Congressman Charles Bass, a Republican, says it doesn’t need to happen this way, if lawmakers and the White House face some difficult realities.

“It’s avoidable if the president is willing to get beyond the social issue of taxing the rich versus the poor and deal with tax reform as an economic issue, not a political or election year dogma issue.”

The White House says its time for the wealthiest Americans to pay their fair share.

But it’s clear that taxes alone will not solve this issue. will have an expert on call for a live Q&A Monday through Friday from 5:30 – 6:30 p.m. to answer your questions about the fiscal cliff.

The series “Inside the Fiscal Cliff” airs all week at 5 and 11 p.m. on WBZ-TV and at 5:55 a.m., 8:55 a.m., 12:21 p.m., and 4:55 p.m. on WBZ NewsRadio 1030.


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