Fiscal cliff agreement not expected by deadline
12/31/2012 // West Palm Beach , Florida, US // JusticeNewsFlash // Justice News Flash // (press release)
Washington – Lawmakers are not expected to have an agreement set in place to avoid going over the “fiscal cliff” prior to New Year’s Day. As reported by Reuters, some suggest the U.S. House of Representatives will likely not deliver a vote on any plan prior to midnight on Monday, leaving talks to continue on New Year’s Day while financial markets are closed.
A Senate Democratic aide is quoted in the report as stating of unresolved portions of the Senate plan, “The caucus as a whole is not sold… We just don’t have the votes for it.”
Without an agreement in place prior to midnight on Dec. 31, approximately $600 billion in spending cuts and tax increases are set to take effect, which analysts anticipate might push the economy into a recession in 2013.
President Barack Obama is quoted by Reuters as stating at a White House event with regards to a plan, “There are still issues to resolve, but we’re hopeful that Congress can get it done, but it’s not done.”
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