Contact Us
Make My Homepage

Congress Returns, Looking to Avoid “Fiscal Cliff”

Efforts to avoid the “fiscal cliff” have resumed in Washington following the long holiday weekend.

Dave Huss, Getty Images

Congress and President Barack Obama have until the end of the year to avoid tax increases and automatic spending cuts. White House and congressional aides say Obama spoke separately over the weekend with House Speaker John Boehner and Senate Democratic Leader Harry Reid.

Obama last met with bipartisan congressional leadership in mid-November. No new meetings have been announced.

In a new report today that coincides with the return of Congress, the White House warned that if lawmakers don’t halt the automatic increases in taxes for households earning less than $250,000, consumers might even cut back their shopping ahead of time, during the current holiday season. Stocks in some major retailers have been lower today.

House Majority Leader Eric Cantor says as the end of the year approaches, the urgency of finding solutions intensifies. But on MSNBC, he reaffirmed Republican opposition to raising tax rates for the wealthy. Congressional Republicans have said they are open to discussing additional revenue, but not any plan that calls for higher tax rates.

Several key Republican lawmakers have said they won’t be bound by a no-tax-increase pledge that they have stuck to in the past.


(Copyright 2012 by The Associated Press.  All Rights Reserved.)

Best of NJ101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.