Fiscal Cliff Looms as Congress Gets Back to Work
President, Congress have just a few days to avert automatic tax increases and spending cuts. Rhode Island's reps are urging their Republican colleagues to get back to work.
Congress and President Obama are racing against the clock this week as they make one last attempt to hammer out a deal to avoid the so-called “fiscal cliff” the U.S. government is set to go over on New Year’s Day. Without a compromise deal to lower the deficit, the government will face a self-imposed deadline that triggers both spending cuts and higher taxes. Congress itself set the Jan. 1 deadline after failing to come to a budget compromise earlier this year. On Jan. 1, the George W. Bush-era tax cuts will expire, raising taxes on nearly all Americans. In addition, $1.2 trillion in spending cuts to defense and government programs will go into effect. The week before Christmas, it looked like a deal was possible as President Obama and …
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Govstench
8:20 am on Saturday, December 29, 2012
Until both parties sit down and get real with this, it will not get resolved. We are dealing with the two extremists camps in these parties. The Dems will never get the Republicans, who are in control of the House, to vote for a tax increase. It has never happened in this nations history. The Dems have to cut the spending down and this President is not showing leadership on this. We finance 43 … more ›