With less than a week left before the Bush-era tax cuts are set to expire, hope for a deal that will keep the US from jumping off a proverbial ‘fiscal cliff’ appears to be dwindling. President Obama has cut his Christmas vacation to return to Washington and make a last ditch effort to cut a deal that would prevent tax hikes for the vast majority of Americans. The general public is not optimistic however. A Gallup poll indicated that only about half the people surveyed believe Obama and the Congress will be able to come up with a budget compromise. Of that same survey population, 54% said they approve of the way Obama has handled the negotiations, 45% said they approve of Democratic leaders in Congress and just 26% said they approve of Boehner and the Republican congressional leadership.
Both sides have presented ever-evolving budget proposals that include not only tax policy but cuts to spending. House GOP leaders have vowed Wednesday to call the House into session and stage a vote on anything the Democratic-controlled Senate approved. “The House will take . . . action on whatever the Senate can pass, but the Senate first must act,” the leaders said in a joint statement.
