It's an effort to get our national debt under control. The 'fiscal cliff' is approaching, and if Congress can't reach a compromise by midnight at the end of the year, then automatic tax increases and spending cuts will go into effect.
If nothing is done to adjust the rates, it will cost the average American household an extra $2,000 to $3,000 a year.
David Schultz is an accounting and business instructor at Central Community College in Hastings. He says politicians are taking it down to the wire.
"The thing that concerns me is that we've had a lot of time to get this taken care of. We've known it's coming but here we are, waiting until the very last minute to get some sort of solution," said Schultz.
House Speaker John Boehner said Friday that "no progress" has been made on resolving the looming "fiscal cliff". Political science instructor Marty Keenan thinks a solution won't even come in time... sending us over the 'cliff'. He says many Republicans have signed a pledge promising they won't vote for any income tax increases.
"I think we will go off the fiscal cliff, so to speak. I don't think they'll reach a compromise. After the first of the year, after the rates go up, Republicans can come in and be the hero and lower rates back down. Then they can say I didn't break my pledge," said Keenan.
But Schultz says it may not be as scary as some people think.
"One of the things people should know is don't worry, Social Security is not going to be cut. Medicaid is not going to be reduced. Federal pay and pension benefits are not going to be reduced and Veterans' pay and pensions will not be reduced," said Schultz.