Last Ditch Effort To Avoid Fiscal Cliff Under Way - 47 ABC - Delmarva's Choice

Last Ditch Effort To Avoid Fiscal Cliff Under Way

Posted: Updated:

WASHINGTON D.C. - After three weeks of gridlock, there appears to be some optimism that lawmakers can reach an agreement to avert across-the-board tax hikes and spending cuts due to go into effect next week.
    
After a meeting today with House and Senate leaders, President Barack Obama said he's optimistic. That same sentiment is shared by Senate's Republican leader, Mitch McConnell.
    
Majority Leader Harry Reid says he'll do everything he can to prevent tax increases and spending cuts but cautioned that any agreement will likely be "imperfect."
    
Under a timetable sketched by congressional aides, any agreement would first go to the Senate for a vote. The House would then be asked to vote, possibly as late as Jan. 2, the final full day before a new Congress takes office.
    
Officials said there was a general understanding that any agreement would block scheduled income tax increases for middle class earners while letting rates rise at upper income levels.
    
In addition, Obama and Democrats want to prevent the expiration of unemployment benefits for about 2 million long-term jobless Americans.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • Most Popular StoriesMost Popular StoriesMore>>

  • Head-On Car Crash Kills 3 In Accomack

    Head-On Car Crash Kills 3 In Accomack

    Saturday, August 30 2014 11:39 PM EDT2014-08-31 03:39:26 GMT
    ACCOMACK COUNTY, Va. - A head-on collision has taken the lives of three after a drunk driver struck a car holding six people. The drunk driver, who was driving a van, has been arrested for DUI. The crashMore >>
    ACCOMACK COUNTY, Va. - A head-on collision has taken the lives of three after a drunk driver struck a car holding six people. The drunk driver, who was driving a van, has been arrested for DUI. The crashMore >>
  • Homeless Sex Offenders

    Homeless Sex Offenders

    DELAWARE - Individuals featured in this slideshow are NOT wanted. They are sex offenders who have registered with Delaware State Police as homeless. These are public notifications.More >>
    DELAWARE - Individuals featured in this slideshow are NOT wanted. They are sex offenders who have registered with Delaware State Police as homeless. These are public notifications.More >>
  • Six Injured In Dagsboro Area Crash

    Six Injured In Dagsboro Area Crash

    Sunday, August 31 2014 9:51 AM EDT2014-08-31 13:51:20 GMT
    DAGSBORO, Del. - Troopers are investigating a three vehicle crash that left six people injured last night.More >>
    DAGSBORO, Del. - Troopers are investigating a three vehicle crash that left six people injured last night.More >>
Powered by WorldNow
Powered by WorldNow All content © Copyright 2000 - 2014 WorldNow and WMDT. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.