The "fiscal cliff" was the result of last summer's budget and debt deal between Obama and congressional Republicans. They were intended to drive the supercommittee _ evenly divided between Democrats and Republicans _ to strike a compromise. But the panel deadlocked and the warring combatants have spent more time since then blaming each other for the looming cuts than seeking ways to avoid them.
Experts warn the "fiscal cliff" could send the U.S. into another recession, and both Obama and
Obama will meet with small business owners at the
Obama's approach this week was quickly criticized by Senate Republican leader
Boehner and Republican leaders planned to meet Wednesday with members of a bipartisan coalition of former members of
Some business leaders have created a group called The Campaign to Fix the Debt, which has promoted a long-term plan to fix the massive federal debt and deficits.
Room for negotiation remains. Several key Republican lawmakers who signed a no-tax-increase pledge in the past, circulated by lobbyist
"They represent what we hope is a difference in tone and approach to these problems and a recognition that a balanced approach to deficit reduction is the right approach," Carney said.
Heading into the 2012 elections, 279 lawmakers had signed Norquist's' pledge, according to Americans for Tax Reform.
Raising taxes, whether by closing loopholes or raising tax rates, is seldom a vote-winning strategy in the U.S. President
|Copyright:||(c) 2012 The Associated Press. All rights reserved.|