The White House says failure to extend Bush-era tax cuts for the middle class would cost the Missouri economy almost $4 billion in spending next year.
"The CEA estimates that consumers in Missouri could spend nearly $3.8 billion less than they otherwise would have in 2013 just because of higher taxes," a release says. "Consumers nationwide would likely spend nearly $200 billion less than they otherwise would have in 2013."
Other projections suggest a failure to reach a deal as part of the so-called "fiscal cliff" negotiations might dip the country back into recession.
The talks include an extension of the Bush-era tax cuts, as well as the ending payroll tax holiday, a 2% tax cut that affects almost every working American.
The CEA says a Missouri family of four earning around $70,700 would see its federal taxes go up by about $183 a month without an extension of the Bush tax cuts.
Failure to extend the payroll tax holiday would cost the same family about $230 a month.