A tax cut you're enjoying right now may come to an end, if Congress can't break a stalemate by January 1st. The House rejected a plan Tuesday to extend the payroll tax cut.

But how much will this impact your wallet? If this tax cut isn't extended and you make $50,000 a year, you basically lose $20 a week. That adds up to a $1,000 a year back to the goverment.

The rate will now increase by 2 points up to 6.2 percent. If the Senate can reach a deal, that tax cut may be expanded. Even though this means less money for you now, Dr. Pamela Drake, Department Head of Finace from the James Madison University says the governemt will have to take money from you in the future, since the payroll tax funds social security.

"This is something that while everybody likes more money than less, we have to eventually say that we've got to fund social security. You can't keep robbing from the future, you have to fund it," Drake says.

Dr. Drake says most of us probably won't really feel this loss. Also keep in mind that this issue is being wrapped up with possible changes to Medicare, as well as jobless benefits. That's why there is such a gridlock in Congress.

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