Clock ticks down on fiscal cliff

The U.S. Senate reconvenes this morning with just a few hours left to avert the “fiscal cliff” crisis.

There is still no sign of an agreement to extend the Bush tax cuts.

The sticking point is President Obama’s demand that the tax cuts for wealthier Americans be eliminated.

Congressional Democrats are offering to impose the tax hike on people earning more than $450,000 a year; that’s $200,000 more than the president’s income threshold.

Congressional Republicans say no one’s taxes should be raised while the economy is still so weak; and each party blames the other for the impasse.

In the absence of a last-minute compromise, all taxpaying Americans will see their federal withholding increase starting tomorrow; a typical household will see about a $40-per-week reduction in take-home pay.

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2 comments

  • pagan69

    Congress writes the bill they vote on it the president signs it or vetoes it. It is that easy. It is hard not to be sarcastic, "but if it hadn’t snuck up on them like it did". What are we paying these people for? I for one am fed up with this political theater, they have not passed a budget in 4 years and have spent over 6 trillion dollars and I have nothing to show for it. And when we begin to question their actions, we have another crisis to deal with because they haven’t done their jobs. And this crap of behind closed door meeting is just Old School Chicago Machine; I want the cameras in there so I can keep an eye on them. WE ARE WAITING BACK HOME FOR YOU and we are not happy.

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