Fiscal Cliff: Nearing the Edge
POSTED: Thursday, December 20, 2012 - 12:40pm
UPDATED: Thursday, December 20, 2012 - 4:42pm
WASHINGTON, D.C. — With just 11 days until the fiscal cliff, House Republicans are set to vote on Speaker John Boehner's plan to keep taxes low and cut spending, but it's so far from what President Obama demands that the plan looks sure to die.
The only bipartisanship Thursday came at the Capitol ceremony for the late Hawaii Senator Daniel Inouye.
Joe Biden, Harry Reid and John Boehner stood together, but their fight over the fiscal cliff is more bitter than ever.
In the House tonight Boehner will push through what he calls "Plan B".
It would block big defense cuts in January and raise tax rates on incomes over a million dollars a year.
Boehner argues his plan would prevent the tax hikes on 99.8% of Americans set to take effect in 11 days.
"If Senate Democrats and the White House refuse to act, they will be responsible to the largest tax hike in American history," Boehner argues.
President Obama vows to veto any bill unless it hikes tax rates on incomes over $400,000.
Boehner's House bill will die in the Democratically controlled Senate.
"We are not taking up any of the things they are working on over there now," Senator Harry Reid vowed.
Earlier this week a Boehner-Obama compromise looked just a few billion dollars from getting done.
Congress is set to go home for Christmas, but lawmakers will come back next Thursday, with just five days until the fiscal cliff.