Deadline passes for 'fiscal cliff'

December 31, 2012 @ 9:03 pm

WASHINGTON (AP) - The "fiscal cliff" deadline has passed _ technically, at least.

The beginning of the New Year in theory means across-the-board tax increases and spending cuts kick in, but Congress is working to cancel them before they can have an impact.

The White House and congressional leaders hope to send legislation to President Barack Obama within a day or two, meaning consumers shouldn't notice any impact.

The goal of the legislation is not only to protect consumers' pocketbooks, but also to prevent the economy from the risk of another recession.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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  • longwayhome wrote...
    Smoke and mirrors
    December 31, 2012 8:48 pm
    "boner" aka (boner) and mcconell are not having the "last laugh" they wanted. They waited until the last minute to accept Obama's offer and are eating crow as a result. They know they are history, 2014 will be their goodbye speech to their few remaining supporters. It's their own fault, they could have chosen to co-operate with their boss, but instead they opted to try and be "republicans", which translated into the English language means "stupid". They had many, many candidates to choose from, the number is staggering, and they chose romney, the wealthiest one they could come up with. Money does not mean a person is smart, as evidenced in the 2012 election circus. The outcome was predictable, the smartest man won. Hurray for the Demmocrats!
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