Washington, DC, United States (4E) – President Barack Obama and Congressional leaders held talks at the White House Thursday to seek a solution that will prevent the U.S. from falling over the “fiscal cliff”.
House Speaker John Boehner also announced Thursday that he has called lawmakers in the House for a special session in the weekend. In another major development, Senate Minority Leader Mitch McConnell has showed interest in reaching a deal by engaging in direct talks with the White House for the first time.
The meeting was confirmed by White House spokeswoman Amy Brundage, although she did not offer details.
Earlier on Thursday, McConnell said that the Senate GOP is not willing to write a blank check for their Democratic counterparts simply because the country currently finds itself at the edge of the “cliff”.
McConnell also said that he will be looking at Obama’s proposal and hoped that there will be enough time to reach a deal in order avoid an economic crisis that is wholly preventable.
With just four days to go, both Republicans and Democrats are hard pressed to reach an agreement before the “fiscal cliff” takes effect, which could potentially result to billions of dollars of automatic tax increases and spending cuts.
Democrat Senator and Majority Floor Leader Harry Reid said on Thursday that Republicans should be blamed for the crisis when they refused to compromise on a potential major agreement over the last two years by firmly opposing higher tax rates for wealthy Americans.
Category: Macro Economics
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