The threat of spending thousands more on taxes next year is not just a concern for American consumers—it also has many business owners thinking about what the New Year could mean for their business when their customers have less discretionary money to spend.
There's just two day left until the New Year which means businesses are doing inventory and looking back on 2012.
"We had so much fun. It went by so fast I can't even believe it. We really had a good time and business was good," said Child's Play Toys owner Nancy Savage.
"2012 was the best year ever of all the 15 years we've been in business; I can honestly tell you we have been enjoying a very fruitful year," said Dick Murphy, owner of Murphy's Irish Gift Store in Downtown Sioux Falls.
But just as the economy is starting pick up:
"I feel like since I've opened, I've seen it just grow and grow and grow," said Savage.
"I think people are confident that we're easing out of the recession right now," said Murphy.
The Fiscal Cliff has some concerned there will be fewer dollars for consumers to put into the economy, which could send us right back to an economic downturn like the one we saw in 2008.
"It's a legitimate concern... I wouldn't want us to retreat back to that, that's why I feel we really need to have our political leaders take the action that's needed to get it done," said Murphy.
The uncertain economic future also means business owners and consumers may not have the time they need to adjust their budgets and their businesses accordingly.
"It will tighten our budget up...we'll drive less...we'll go back to more ordinary groceries, we won't buy new clothes, we'll just cut back, you know, where ever we can," said South Dakota consumer B.J. Buckley.
That means businesses will have to adjust as well.
"You do react differently; if you're going to be smart and be here the next year, you have to think about what should I do differently?" said Murphy.
But despite the economic changes, these small business owners are confident they'll still see plenty of customers in the New Year.
"People are going to continue to buy toys for their kids and you know, hopefully that won't change," said Savage.
"We've been here 15 years and we've seen the ebb and flow of economic woes that have come our way," said Murphy.
Despite the many economic fears in the looming Fiscal Cliff, many people we've heard from in the past few weeks also say it's nothing this country hasn't seen before and they're confident we will be able to get through any trials that may come.
Tuesday, December 3 2013 10:48 PM EST2013-12-04 03:48:06 GMT
Canton residents have voted down a proposal to build a new aquatic center. The city required 60% of voters to approve the bond to pass; only 50.9 voted yes. Canton financial officer Kyle Cwach said 412 votedMore >>
Canton residents have voted down a proposal to build a new aquatic center.More >>
Wednesday, December 4 2013 11:43 PM EST2013-12-05 04:43:28 GMT
Two children are unaccounted for after a destructive house fire Wednesday in rural Minnesota. The fire at a two-story single family farmhouse in Lucan, Minn., a town about 22 miles east of Marshall, wasMore >>
Two children are unaccounted for after a destructive house fire Wednesday in rural Minnesota. More >>
Wednesday, December 4 2013 11:24 PM EST2013-12-05 04:24:42 GMT
After two days of blowing snow, the Aberdeen community is getting ready for another round of dangerous winter weather. The temperature began dropping Wednesday, starting in the 20s Wednesday morning, droppingMore >>
After two days of blowing snow, the Aberdeen community is getting ready for another round of dangerous winter weather.More >>
Wednesday, December 4 2013 10:04 PM EST2013-12-05 03:04:56 GMT
Three people were hospitalized after a house in central Aberdeen early Wednesday evening. Aberdeen Battalion Chief Randy Meister said crews responded to the home in the 900 block of S. Main around 5 p.m.More >>
Three people were hospitalized after a house in central Aberdeen early Wednesday evening.More >>
Wednesday, December 4 2013 10:00 PM EST2013-12-05 03:00:12 GMT
The dreaded shoveling of snow -- and for business owners downtown, there's an even bigger incentive to get it done faster: customers! But one business owner says the city isn't doing enough. "On theMore >>
Downtown Sioux Falls business owners were out shoveling multiple times on Wednesday clearing paths to their shopsMore >>
Wednesday, December 4 2013 9:39 PM EST2013-12-05 02:39:18 GMT
Fire destroyed a home in Wessington Springs Wednesday evening, a Jerauld County Sheriff deputy told KSFY. The home in southern Wessington Springs was totally engulfed when firefighters arrived on scene.More >>
Fire destroyed a home in Wessington Springs Wednesday evening, a Jerauld County Sheriff deputy told KSFY.More >>
Wednesday, December 4 2013 7:28 PM EST2013-12-05 00:28:07 GMT
Court documents released Wednesday said the suspects believed there was $100,000 in Jordan LeBeau's home. Officer Sam Clemens said, "I think it's pretty obvious that this is drug related. What we foundMore >>
Court documents released Wednesday said the suspects believed there was $100,000 in Jordan LeBeau's home. Officer Sam Clemens said, "I think it's pretty obvious that this is drug related. What we found inside the house also backs this up. This house was targeted it wasn't a random act, they purposely went to this house."More >>