President Barack Obama and Congress are working towards a compromise in the face of the looming fiscal cliff. If a budget deal isn’t reached by January 1st, automatic spending cuts and tax hikes will kick in. Central College Economics professor Brian Peterson says that although its unlikely that a compromise won’t be made in time, the fiscal cliff won’t impact the economy right away. Most of the effects will be seen when 2013 taxes are due. But one part would impact local economies immediately say Peterson, the payroll tax holiday would immediately hit wallets if not extended.