With Five Days to Go, Americans Could be Left with Fiscal Cliff Hanger

Thursday, December 27, 2012

With only five days left in 2012, lawmakers are back in Washington, D.C. today along with President Obama, who left his family vacation in Hawaii early to continue talks on the fiscal cliff.

Before the Christmas break, Republican House Speaker John Boehner pulled Plan B off the table. That plan would have extended Bush-era tax cuts for most Americans.  Those who make more than $1 million would have seen their tax rates return to 1990s rates. But the plan died quickly with a lack of support from within the Republican Party.  

If no plan is reached before midnight on December 31, income tax rates will automatically increase for all Americans. Congress would then likely scramble in the first few weeks of the New Year to reach some sort of deal.

Takeaway Washington Correspondent Todd Zwillich provides the latest on the fiscal cliff negotiations.


Todd Zwillich

Produced by:

Arwa Gunja

Comments [4]

Fred Polvere from Yonkers, NY

Mr Zwillich

1) When you said (on The Newshour) that some members of Congress haven't returned to Washington, why didn't you say that the REPUBLICAN Speaker of the House hadn't called (as of that time) them back yet?

2) When you said (on Brian Lehrer) that there are liberal members of Congress as far to the left as Louie Gohmert is far right, to whom were you referring?

It is a sad day when a reporter has to temper his words because he is afraid of telling the truth.

Dec. 27 2012 07:15 PM

The "cliff" thing is a media invention. It is, at worst, a fiscal slope that will be resolved in short order in 2013.

Dec. 27 2012 01:35 PM
jamesrain40 from Eugene, Oregon

Even Pulitzer Prize winning columnist Paul Krugman says the so called "fiscal cliff" is not a big deal. I would probably be a good thing, in fact. Republicans would lose the Bush tax cuts, Demos would be in a much stronger position with the new congress.

Dec. 27 2012 01:26 PM
Larry Fisher from Brooklyn, N.Y.

In movies, the time bomb ticks down to 1 second before it gets disabled. In Washington, the bomb has to go off first and then they say it is disabled...Is that what I am to understand is really happening with the Fiscal Cliff?

Dec. 27 2012 01:21 PM

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