Many Alabamians bracing for the looming fiscal cliff

The country is poised to go over the fiscal cliff and President Barak Obama and congressional leaders have been unable to reach an agreement over possible tax increases and spending cuts.

Gov. Robert Bentley says he already expects there will not be a deal and it will cost Alabama millions of tax dollars and thousands of jobs.

"Whether do it doing away with deductions or whether they raise taxes on the wealthiest as they are taking about but ultimately it affects everyone," Bentley said.

Some taxpayers in Alabama are hoping both side can see a compromise.

"I believe they will make a deal. I'm worried a little bit more if we go over the cliff," Rosemary Johnson said.

But other taxpayers are less confident.

"No I don't think the Democrats and Republicans will reach an agreement," Laurie Skaggs said.

A top executive in Alabama is also frustrated by the lack of an agreement.

"I've never seen Democrats and Republicans be so ridiculous," David Bronner, CEO of the Retirement Systems of Alabama.

Bronner says a compromise can be hammered out but it won't be easy.

"I don't know what they are smoking. They can make up their minds one way or another expect the other guy is an idiot and I won't listen to them at all," Bronner said.

Bronner says a deal may come after the Jan. 1, 2013 deadline where spending cuts and tax increases will automatically go into effect. The deal could be made to be retroactive but Bronner says that still may hurt consumers who could face higher costs for the price of goods.

Meanwhile taxpayers are putting their faith in a higher power.

"I'm going to put my faith in Jesus. I feel he is always going to guide them in the right way. He is not going to let us suffer," Johnson said.

Copyright 2012 WBRC. All rights reserved.