No deal in sight as fiscal cliff looms
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WASHINGTON, D.C. -- The first of the year is quickly approaching and lawmakers still have yet to agree on a deal to stop the so called fiscal cliff in Washington. President Obama is planning to meet with Congressional leaders today in hopes of changing that.
If Congress doesn't act before the new year, a series of tax increases and spending cuts will automatically take effect.
Thursday's debate took a decidedly partisan tone. Senate Majority Leader Harry Reid accused House Speaker John Boehner of caring more about his speakership, than the nation's fiscal solvency. In response, a Boehner spokesman said Reid "should talk less and legislate more if he wants to avert the fiscal cliff.''
"John Boehner seems to care more about keeping his speakership than about keeping the nation on firm financial footing," said Sen. Reid.
Meanwhile, the president has been pushing a compromise of extending the Bush-era tax breaks for all except high income earners, extending unemployment insurance and halting the automatic spending cuts.
The average middle class family is looking at a $2,200 increase in taxes come the first of January. All House members will be returning to work on Sunday.