Reid calls on Obama, GOP to divert from fiscal cliff
The top Democrat in Congress called yesterday for a quick solution to Washington’s “fiscal cliff” in the post-election session of Congress.
At the same time, Senate Majority Leader Harry Reid said that asking wealthier people to pay higher taxes needs to be part of any solution to the government’s budget woes.
The Nevada Democrat told reporters in Washington he’s “not for kicking the can down the road” and that a solution should include higher taxes on “the richest of the rich.”
The fiscal cliff refers to the one-two punch of expiring Bush-era tax cuts and across-the-board spending cuts to the Pentagon and domestic programs that could total $800 billion next year, based on Congressional Budget Office estimates.
It’s the most immediate item confronting President Obama and a divided Congress in a post-election lame duck session. Economists say it threatens to push the economy back into recession if Obama and Republicans can’t forge a deal to
The Associated Press