Obama To Send Congress Scaled-Back Fiscal Cliff Agreement

Thursday, 27 Dec 2012 02:23 PM

By Stephen Feller

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
President Barack Obama will send Congress a scaled-back agreement to avoid some of the fiscal cliff’s automatic tax increases and budget cuts, a Democratic and Republican source told CNN.

Before leaving for Christmas break, Obama said he might consider a deal to extend the Bush-era tax cuts to all income levels below $1 million, while extending unemployment benefits, but leaving entitlements and a possible increase in the debt ceiling for negotiation after the new Congress takes office in January.

Obama and House Speaker John Boehner have jostled for most of the past month over whose taxes will increase in January as potential cuts to entitlements in order to avoid steep cuts to the defense budget.

"Nobody is willing to pull the trigger," Rep. Steve LaTourette, R-Ohio, said of the lack of an agreement, because "everybody wants to play the blame game. This blame game is about to put us over the edge."

With the country set to reach the fiscal cliff on Dec. 31, Obama cut short his holiday vacation as the Senate reconvened Thursday morning. The House remains on break, but members have said they could be back in Washington within 48 hours to vote on a package to avoid the cliff.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Ted Cruz: Obama Essentially 'Counterfeiting Immigration Papers' with Amnesty Move

Sunday, 23 Nov 2014 12:10 PM

President Barack Obama on Sunday dismissed Republican criticism of his actions to lift the threat of deportation from mi . . .

Jeh Johnson: Not All Criminals Are Subject to Deportation

Saturday, 22 Nov 2014 11:49 AM

Lower-tier criminals such as drunken drivers and drug dealers aren't the highest priority on the list of people to depor . . .

Rick Santorum: Amnesty's a 'Slap in the Face' of Working Americans

Friday, 21 Nov 2014 13:52 PM

President Obama's amnesty edict will flood a struggling American labor market with millions of new workers, further depr . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved