Looks like when the clock strikes 12 tonight, the ball won’t be the only thing dropping.
Members of Congress have failed to reach an agreement to avoid the fiscal cliff, or mandatory tax hikes, that will go into effect as soon as the New Year starts.
DETAILS: Will We Fall Off The Cliff? Obama Meets With Congress To Discuss Last Minute Fiscal Fixes
Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell began talks on Dec. 28th, after Obama urged all in Congress to cut their holidays short to take care of the looming economic downfall, but those agreements were stalled because of disputes over income tax rates and estate tax.
“There’s still significant differences between the two sides but negotiations continue,” Reid, a Nevada Democrat, said on the Senate floor. The Senate will reconvene today at 11 a.m. Washington time and “perhaps” have further announcements then, he said. “I certainly hope so.”
President Obama said last week that he was “modestly optimistic” that a deal would be reached by Dec. 31, but with that day already upon us and partisanship at an all time high, it’s looking like we’re going to run right into $600 billion in tax increases and federal spending cuts (which will reportedly take us into a recession in the first half of 2013).
DETAILS: The Pressure’s On! President Obama Scolds Congress For Fiscal Cliff Decision Delay
YIKES! I’m under the impression that Congress is losing sight of the people of this nation and focusing more on who will get their way, Republicans or Democrats. Have several seats and come to a decision already!
SOURCE: Bloomberg
