OUCH!! My Paycheck!

So by now most of us have gotten ours and OUCH!  The paycheck.  

I think most of us are beginning to feel the pinch from Washington's decision to embrace austerity measures aimed at bringing down the nation's budget deficit.

Paychecks across the country have shrunk over the last week due to higher federal tax rates, and workers are already cutting back on spending, which will drag on the economy this year.

Many analysts said that the 2% hit would be about $30.00.  But mine was nearly $60.00

About 160 million workers pay this tax, and the increase will cost the average worker about $700 a year, according to the Tax Policy Center, a Washington think tank.