Missouri Senator Claire McCaskill, a Democrat, says that falling over the so-called fiscal cliff, the deep program cuts, and big tax increases set to hit January 1st wouldn’t be as dramatic as some people imagine.
NPR's coverage of President Obama's comments on the "fiscal cliff" talks
Update at 9:45 p.m. Deal Reached
Vice President Joe Biden was meeting late Monday with Senate Democrats to brief them on a proposed deal to stop sharp tax increases and spending cuts. A source told NPR the deal with congressional Democratic and Republican leaders includes a mix of both.
Well, here we are. It's New Year's Eve and with just hours to go before the end of the year and the arrival of the so-called fiscal cliff, Democrats and Republicans in Washington are still trying to strike a deal that heads off automatic increases in taxes, automatic deep spending cuts in a variety of programs and the automatic expiration of some jobless benefits.
Originally published on Sun December 30, 2012 6:36 pm
Senate negotiators failed to reach a deal Sunday on averting the "fiscal cliff," with the chamber adjourning for the night and only one day remaining before a package of spending cuts and tax increases automatically kicks in.
Majority Leader Harry Reid said the Senate will go back in session at 11 a.m. ET Monday. It's at least theoretically possible that negotiators might reach a deal and the Senate will have a package to vote on when it reconvenes Monday, meaning the measure could go to the House — where it may or may not come to the floor for a vote.