President Obama and the House Republicans are still in negotiations when it comes to reaching a deal in regards to the dreaded ‘fiscal cliff.’ If existing laws are not changed by the end of 2012 the economic effects of the fiscal cliff could result in tax increases, spending cuts and a corresponding reduction in the US budget deficit beginning in 2013. President Obama announced that he is determined to let the Bush-era tax cuts for the upper class expire. This past Sunday, President Obama and House Speaker John Boehner met at the White House to attempt a negotiation. Representatives from both parties stated, “The lines of communication remain open” after the meeting.
Some Republicans seem to be on board with the President’s plan for higher taxes for the upper class. Tennessee Senator Bob Corker stated that he is “beginning to believe this is the best route for us to take.” However, there is still a large group of Republicans who believe the most efficient route would be to close special interest loopholes. Either way, the White House and the House of Representatives do not have long, the fiscal cliff will hit in less than three weeks.
To read more on this story visit: http://www.cbsnews.com/8301-250_162-57558124/as-fiscal-cliff-clock-ticks-obama-hits-the-road-again/
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