Obama, GOP Still Stuck On Tax Talks [VIDEO]
The Federal Reserve is expected soon to announce a new bond-buying plan that would at least soften the blow from tax increases and spending cuts that’ll kick in in January if Congress can’t reach a budget deal.
Meanwhile, the White House and Republicans aren’t showing any outward signs of yielding.
President Barack Obama continues to insist that the GOP endorse higher tax rates for wealthy Americans. House Speaker John Boehner says he’s waiting for Obama to identify the spending cut’s he’s willing to make.
Voter disdain spreads as ‘fiscal cliff’ looms
From New Hampshire diners to Colorado coffee shops, voters are reporting widespread disdain with Washington’s inability to resolve the so-called fiscal cliff.
Voters call the latest stalemate “pathetic,” and suggest they have little faith that Congress will do the right thing.
Congress must approve a deal with President Barack Obama by the end of the year to prevent sweeping tax increases and massive spending cuts. Some economists warn that the changes could trigger another economic recession.
The debate is a familiar one. Last year an equally divided Washington nearly let the country default on its loan obligations. The debt-ceiling debate led to dismal approval ratings for Congress and a drop in the nation’s credit rating.
A recent poll found that just 23 percent of Americans approved of Congress’ job performance.
(Copyright 2012 by The Associated Press. All Rights Reserved.)