The U.S. Congress comes back on Monday without a deal to avert the “fiscal cliff” and only a few hours of actual legislative time scheduled in which to act if an agreement materializes.
President Barack Obama held out hope for a last-minute agreement to avoid the “fiscal cliff” of tax increases and spending cuts after a meeting with congressional leaders, scolding Congress for leaving the problem unresolved until the eleventh hour.
President Barack Obama and congressional leaders are to meet on Friday for the first time since November to reach an agreement on the so-called fiscal cliff.
The White House on Wednesday urged congressional Republicans not to stand in the way of a resolution in the U.S. Congress.
House Speaker John Boehner (R-Ohio) tried to ram a “fallback” plan through the House on Thursday – a relatively tiny tax increase on millionaires and billionaires – and failed.
Mitt Romney accused Barack Obama on Saturday of standing by while a looming budgetary calamity unfolds in Washington.