Senate leaders will try to work out a fiscal cliff deal
December 28th, 2012
06:15 PM ET
10 years ago

Senate leaders will try to work out a fiscal cliff deal

Washington (CNN) - A political summit on Friday at the White House left it to the Senate's top Democrat and Republican to work out a possible compromise to avoid the fiscal cliff, participants said.

Senate Majority Leader Harry Reid, D-Nevada, told reporters that the next 24 hours would be "very important" toward efforts to lessen the harshest impacts of the fiscal cliff, a combination of automatic tax hikes and deep spending cuts due to take effect at the start of the new year.


Filed under: Fiscal Cliff
soundoff (15 Responses)
  1. Lynda/Minnesota

    Rick McDaniel

    Those who voted for Obama should be willing to feel the pain.

    They are simply getting what they voted for.

    You really ought to shelve your bigotry. It's unbecoming for someone with your level of intelligence. The longer you post your drivel the more desensitized we become ... leaving you and your party standing in cold ... looking from the outside in.

    December 28, 2012 11:18 am at 11:18 am |
  2. Rudy NYC

    Jeff wrote:

    Those who say that the GOP has not offered revenue already are not really paying attention. I think it was already said on this board, but the GOP offered to limit deductions to raise revenue. How do you think the rich pay less than you or I?
    No, Jeff. Boehner's "Plan B" did the exact opposite. The plan raised rates on those making more than a million, while creating new deductions that would potentially lower their effective rate to a level less than what it is now. Please try to keep up. Learn to read what is written, not what you expect to find.

    December 28, 2012 11:41 am at 11:41 am |
  3. plain&simple

    Question...what do the tea party republicans have in common with Nero ????... EVERYTHING! When I hear adolescent comments posted here like "you voted for this" I'm reminded just how necessary it is to take our freedom to vote or not to vote as a duty,a responsibility and how important it is to fund public education. When you educate the general populas end up benefiting EVERYONE. We then can make informed choices and regulate the lunatic fringe to just that. With Obama's health care we even have hope for them!

    December 28, 2012 11:45 am at 11:45 am |
  4. jrsgta

    Funny we didnt have a spending problem until Bush cut taxes?

    December 28, 2012 11:53 am at 11:53 am |
  5. beegee

    One side is very specific on what it wants: Tax cuts for everyone up to $250K, the other side just talks about spending cuts.....what exactly do you want on the spending side? In my book that's how you negotiate, but we all know they never negotiated that much the last 4 years. So they don't know the art of negoiations.

    December 28, 2012 11:57 am at 11:57 am |
  6. Facts don't Lie

    @ Lynda/Minnesota
    nice try with with our resident party pooper but it's not going to change him so I'll just say that I am more than happy to be getting what I voted for and you either move forward or get out of the way.

    December 28, 2012 11:59 am at 11:59 am |
  7. Uosdwis

    How is hurting the economy moving forward? I guess I could see it moving forward with driving the country into communism, if that is what you are hoping for. Everyone wants equality, except when it comes to taxes. Why not flat across the board 30% income taxes? Get rid of all deductions, 30% income tax for everyone regardless of income.

    December 28, 2012 12:11 pm at 12:11 pm |
  8. GOP = Greed Over People

    No short term fixes, whatever is agreed upon should be permanent or go over the cliff.

    We need a resolution to this one way or another.

    December 28, 2012 12:11 pm at 12:11 pm |
  9. Donna

    Federal government spending has DOUBLED since Clinton was President to $3.5 TRILLION A YEAR! Even with the war in Iraq over, the spending levels haven't decreased. Does the looney left think we can continue to double the size of the federal government every 10-12 years??? Total insanity.

    December 28, 2012 12:32 pm at 12:32 pm |
  10. Lynda/Minnesota

    @Facts don't Lie

    Oh, I understand. Every once in awhile that old adage "a mind is a terrible thing to waste" pops up when I read his/her posts and I feel the need to respond. It's ... well, sad, really.

    But, hey. Happy New Year going forward, yes?

    December 28, 2012 12:38 pm at 12:38 pm |
  11. Rudy NYC

    Donna wrote:

    Federal government spending has DOUBLED since Clinton was President to $3.5 TRILLION A YEAR! Even with the war in Iraq over, the spending levels haven't decreased. Does the looney left think we can continue to double the size of the federal government every 10-12 years??? Total insanity.
    Total insanity is correct. I agree. Did you know that spending has only grown by 1.4% since Bush-43 left office? Do you remember Dick Cheney saying "deficits don't matter"?

    "Nice try, but we gotcha."

    December 28, 2012 12:47 pm at 12:47 pm |
  12. Ray E. (Georgia)

    It is truly amazing of how many people who post here blame someone else for their problems. Truly Amazing!! Who do you think is going to get the short end of the stick when you put someone else in charge of your future? If you voted for it, here it is. Maybe sooner or later you will figure out that the Federal Government shouldn't be running your life.

    December 28, 2012 12:47 pm at 12:47 pm |
  13. just sayin

    if the 47% that don't pay federal income taxes start contributing their fair share, we wouldn't need to be concerned about cutting spending. continuing to let more and more get away without paying while shifting the load to businesses and the other working people is not viable long term.

    December 28, 2012 12:47 pm at 12:47 pm |
  14. Gregory M. Newbold

    We know that as a lame duck speaker [currently] Mr. Boehner is unable to lead his team. He can`t speak authoritatively for Republicans. We recall that when he was at his highest as Speaker, during the debt ceiling, he couldn`t move the Republican caucus either.

    The President must not yeild anything to the Republicans for he will face an intractable foe on the debt ceiling. He should give them NOTHING NOW since we know [they are telling us] they will hold Americans hostage over a "debt creiling" crisis. Let ordinary income tax rates go up [give nothing on incomes over $250K] , let capital gain tax rates go up, let estate taxes go up. If the GOP wants these to be reduced, use them in the subsequent fight that the GOP is PROMISING.

    December 28, 2012 12:48 pm at 12:48 pm |
  15. TomNPitt

    Flat Tax = no more millionaires!! They'd all be dealing in cash – no trace!! The rich would never agree to a flat 30% tax, with no deductions!! Not unless we gave them five years to figure out how to hide their money and trusts and still have the ability to spend it! The poor and middle class would make out too well for anything that revolutionary!!
    I can't believe this could be so difficult. We can't cut our way to prosperity!! Every dime we cut from the poor and sick on entitlements, is a dime cut from the economy. How can anyone not see that?? When you talk about cutting entitlements, you're talking about directly cutting back on our GNP! No money in the pipeline – no money spent on goods the rich manufacture and invest in. Cutting taxes for the rich is like making money on your investments and not investing anything to get it!! How could anyone not love that deal!! The rich are like everyone else – lazy, with no desire to put anything they have at risk. They don't open busineses just to hire people because they're great people!! They wouldn't hire anyone if they could make their money by watching it grow!! If nobody buys anything, and we give the "Job Creators" more money back in tax relief, they're better off than if they had a business that was roaring!! With that they have no liability or responsibility to hire anyone!! How can people not see that?? Really??

    December 28, 2012 12:49 pm at 12:49 pm |