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Obama: 'The hour for immediate action is here'

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WASHINGTON D.C. (KYTX) -- President Obama raised the level of hope for a solution to the fiscal cliff issue after making a national address Friday afternoon.

"The hour for immediate action is here. It is now," the President said. "We're now at the point where in just four days every American's tax rates are scheduled to go up by law."

Obama said there has been movement from both sides on creating a joint bill that would prevent the average family from seeing a $2,000 or $3,000 dollar tax hike in the new year.

CBS 19 talked with local financial experts about what any solution could mean for East Texans.

"[We think it will be] a year of continued recovery," Brandon Johnston, First Vice President of Investing for Wells Fargo Advisors in Tyler, said. "A year in which we should see moderate returns in the financial markets."

"What I try to do is reassure and remind people that change is inevitable," Mandi Monk of Rogers & Monk said.

"A number of things will change after some resolution comes to pass," Joel Adams, Vice President of Southside Bank Investment Services said. "And part of that is tax rates [will likely still go up]." 

Obama said he expects a vote by early evening on Sunday.

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