National

Dec 29, 2012 3:00 PM by AP Posted by Tony Spehar

Last-minute fiscal cliff talks in Senate

WASHINGTON (AP) - Senate leaders are groping for a last-minute compromise to avoid middle-class tax increases and possibly prevent deep spending cuts at the dawn of the new year as President Barack Obama warned that failure could mean a "self-inflicted wound to the economy."

Obama chastised lawmakers in his weekly radio and Internet address for waiting until the last minute to try and avoid a "fiscal cliff." Yet he said there was still time for an agreement.

Senate Republicans say they're ready to compromise.

Even so, there's no guarantee of success.

In a blunt challenge to Republicans, Obama said that barring a bipartisan agreement, he expected both houses to vote on his own proposal to block tax increases on all but the wealthy and simultaneously preserve expiring unemployment benefits.

Following a White House meeting Friday among Obama and congressional leaders, aides to Senate Republican leader Mitch McConnell and Senate Majority Leader Harry Reid began racing against the clock for a bipartisan bargain. The leaders could present legislation to senators as early as Sunday, with a vote possible on Sunday or Monday.

»Comments

More News

Weather - Forecast
Story Photo

11 hours ago

Warm Till Saturday

Temperatures start to climb again for Friday and Saturday where many locations will be in the 70s. However, by Saturday, the clouds...

Most Popular

Top Videos

1 2 3 4