After meeting with Obama, congressional leaders voice confidence in deal to avoid fiscal cliff
WASHINGTON – U.S. congressional leaders are expressing confidence they can reach a deal with…
by Andrew Taylor, The Associated Press on Friday, November 16, 2012 1:59pm -
Here at Maclean's, we appreciate the written word. And we appreciate you, the reader. We are always looking for ways to create a better user experience for you and wanted to try out a new functionality that provides you with a reading experience in which the words and fonts take centre stage. We believe you'll appreciate the clean, white layout as you read our feature articles. But we don't want to force it on you and it's completely optional. Click "View in Clean Reading Mode" on any article if you want to try it out. Once there, you can click "Go back to regular view" at the top or bottom of the article to return to the regular layout.
WASHINGTON – U.S. congressional leaders are expressing confidence they can reach a deal with President Barack Obama to head off the so-called “fiscal cliff” and the risk of a new recession.
The top members of the House and Senate spoke at the White House after a session with Obama. At issue is a series of tax increases and spending cuts that could undermine the economy and slow job creation starting Jan. 1.
House Speaker John Boehner and Senate Minority Leader Mitch McConnell both said they offered higher tax revenue as part of a deal. Boehner said he outlined a framework that is consistent with Obama’s call for a balanced approach of both higher revenue and spending cuts.
Senate Majority Leader Harry Reid said, quote, “We all know something has to be done.” Stocks on Wall Street rose after the meeting.
