(Image Source: New York Times)

BY JOHN O’CONNOR

ANCHOR LAUREN GORES

With less than six days left before the U.S. topples over the proverbial “Fiscal Cliff,” President Barack Obama is ending his Christmas vacation early in a last ditch effort to negotiate a deal. CNN has more.

“President Obama is cutting his Hawaiian vacation short and is leaving tonight and will be back tomorrow. That is when the House and Senate is expected to reconvene.” 

According to the Washington Post, little progress was made over the holiday break despite President Obama’s hopes “that cooler heads would prevail over the holiday.”

But the Post reports the President is still hopeful … “that Republicans will either agree to a stopgap measure intended to reduce the impact of the fiscal cliff or, possibly, to an even broader deal to begin to tame the nation’s debt.” 

But according Fox News host Peter Doocy, the President and House Speaker John Boehner were still in disagreement by about $400 billion dollars in proposed tax hikes and spending cuts when they parted ways for the holiday last week.

“Even if the Speaker makes a deal with the President, he still has a long way to go to convince his conference in the House to go along with it.”  

According to the Wall Street Journal, if lawmakers fail to pass a budget in the next six days …  “Income-tax rates are scheduled to increase to Clinton-era levels on Jan. 1, while $110 billion in across-the-board spending cuts would take effect the next day … ” 

With economists warning the combination of tax hikes and spending cuts could knock the U.S. economy back into a recession, MSNBC reports the majority of Americans have a bleak outlook for the coming year.

“A record low 40 percent say they are hopeful for 2013, while 56 percent say they are fearful … ”

Reuters says if a deal does pass, it will most likely be a stripped down bill that does not address long-term deficit reduction both parties sought to address at the beginning of the negotiation process.   

Lawmakers Returning to Washington as ‘Fiscal Cliff’ Looms

by John O'Connor
0
Sources:CNNFox News
Transcript
Dec 26, 2012

Lawmakers Returning to Washington as ‘Fiscal Cliff’ Looms

 

(Image Source: New York Times)

BY JOHN O’CONNOR

ANCHOR LAUREN GORES

With less than six days left before the U.S. topples over the proverbial “Fiscal Cliff,” President Barack Obama is ending his Christmas vacation early in a last ditch effort to negotiate a deal. CNN has more.

“President Obama is cutting his Hawaiian vacation short and is leaving tonight and will be back tomorrow. That is when the House and Senate is expected to reconvene.” 

According to the Washington Post, little progress was made over the holiday break despite President Obama’s hopes “that cooler heads would prevail over the holiday.”

But the Post reports the President is still hopeful … “that Republicans will either agree to a stopgap measure intended to reduce the impact of the fiscal cliff or, possibly, to an even broader deal to begin to tame the nation’s debt.” 

But according Fox News host Peter Doocy, the President and House Speaker John Boehner were still in disagreement by about $400 billion dollars in proposed tax hikes and spending cuts when they parted ways for the holiday last week.

“Even if the Speaker makes a deal with the President, he still has a long way to go to convince his conference in the House to go along with it.”  

According to the Wall Street Journal, if lawmakers fail to pass a budget in the next six days …  “Income-tax rates are scheduled to increase to Clinton-era levels on Jan. 1, while $110 billion in across-the-board spending cuts would take effect the next day … ” 

With economists warning the combination of tax hikes and spending cuts could knock the U.S. economy back into a recession, MSNBC reports the majority of Americans have a bleak outlook for the coming year.

“A record low 40 percent say they are hopeful for 2013, while 56 percent say they are fearful … ”

Reuters says if a deal does pass, it will most likely be a stripped down bill that does not address long-term deficit reduction both parties sought to address at the beginning of the negotiation process.   

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