The house will not be voting tonight, and the US will go off the fiscal cliff at the stroke of midnight (New Years Eve 2013).
Hopefully New Years Day holiday will prove to be a great opportunity for the House to discuss fiscal spending, budget cuts, etc.
Main issues to resolve include spending cuts and lowering income earnings thresholds from $1 million a year to $400,000 and more. Originally the deal called for higher taxes for those earning $250,000 and more per year. Other areas in the fiscal cliff framework include the unemployment benefits and extensions, estate taxes, and medicare doctors fix, etc.
This stall does not necessarily indicate that there will not be a legislative solution; Only that any decision regarding fiscal cliff will not come to fruition by midnight tonight.
Consequences of procrastination are nothing new. The longer it takes to come to an agreement, the more risk of fiscal cliff becoming a reality.
December 31st was suppose to be the trigger for fiscal cliff, and if no new laws and decisions are voted on by midnight, taxes can become higher in January 1st, 2013. Do you think America will go into another recession in 2013?
Also just minutes ago, the House GOP will caucus today at 5 p.m. Eastern Daylight time to discuss Hurricane Sandy relief, and will not discuss fiscal cliff.
- Fiscal Cliff Disputes Keep Country on Edge, Recession Fears Looming, Fox News Video
- Finally, a "fiscal cliff" breakthrough, CBS News
- Fiscal Cliff Talks: President Obama 'Modestly Optimistic', ABC News
- What if there's no deal on fiscal cliff, CNN Money