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.
The White House on Wednesday urged congressional Republicans not to stand in the way of a resolution in the U.S. Congress.
As a set deadline nears, Republicans in the U.S. House of Representatives poposed their own “fiscal cliff” plan that muddles negotiations with the White House considering tax rates and spending cuts.
After important concessions in recent days from both President Barack Obama and House of Representatives Speaker John Boehner, Republicans moved to increase pressure on the Democrats by vowing to vote in the House on a “Plan B” back-up measure that would largely disregard the progress made so far.
President Barack Obama and House Speaker John Boehner met on Thursday to discuss one more time impending tax hikes and spending cuts, nut nothing significant was offered.
Republicans and Democrats held “fiscal cliff” negotiations on Wednesday, but neither compromises nor solutions were reached.
Buried in the stories and slightly visible behind the public posturing, signs are emerging that a deal considering ‘fiscal cliff’ is possible.
In a series of taped interviews for the Sunday political shows, Treasury Secretary Timothy Geithner blamed the GOP for the impasse.