Time Magazine creates breakdown projection of fiscal cliff effect into New Year

Today is the last scheduled working day for congress, and so far,  still no deal on the fiscal cliff.

Time Magazine online has a breakdown of what going over the cliff might look like day-by-day in the new year.

First, a range of automatic tax hikes and spending cuts would kick in January, meaning higher taxes for everyone.

When the stock market reopens in the New Year, it's predicted that the Dow would plunge, as confidence in the u-s economy plummets.

Skip ahead to payday--two weeks into the month--and that's when people first start seeing their incomes drop.

A two percent cut in the payroll tax is gone.

There are several other dates to watch, check out Time Magazine's breakdown here: http://ti.me/Wb78q1

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