Top Democrat wants quick deal on 'fiscal cliff'
WASHINGTON (AP) - The top Democrat in Congress called Wednesday for a quick solution to Washington's "fiscal cliff" in an upcoming 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 any solution should include higher taxes on "the richest of the rich."
The fiscal cliff is 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 is the most immediate item confronting President Barack 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 prevent it.
"The vast majority of the American people - rich, poor, everybody agrees - the richest of the rich have to help a little bit," Reid said.
The election victory has given Obama new leverage in the upcoming showdown with House Republicans controlling over fiscal issues.
But a rejuvenated Obama still confronts a re-elected House GOP majority that stands in powerful opposition to his promise to raise tax rates on upper-bracket earners, although House Speaker John Boehner, R-Ohio, has left the door open for other forms of new revenue as part of a deal to tackle the spiraling national debt.
"The American people have also made clear that there is no mandate for raising tax rates," Boehner said Tuesday night. "What Americans want are solutions that will ease the burden on small businesses, bring jobs home, and let our economy grow. We stand ready to work with any willing partner - Republican, Democrat, or otherwise - who shares a commitment to getting these things done."
The Ohio Republican is scheduled to address the issue Wednesday afternoon.
Reid also said he anticipates addressing the need to increase the government's borrowing cap early next year and not 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 any solution should include higher taxes on "the richest of the rich."
The fiscal cliff is 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 is the most immediate item confronting President Barack 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 prevent it.
"The vast majority of the American people - rich, poor, everybody agrees - the richest of the rich have to help a little bit," Reid said.
The election victory has given Obama new leverage in the upcoming showdown with House Republicans controlling over fiscal issues.
But a rejuvenated Obama still confronts a re-elected House GOP majority that stands in powerful opposition to his promise to raise tax rates on upper-bracket earners, although House Speaker John Boehner, R-Ohio, has left the door open for other forms of new revenue as part of a deal to tackle the spiraling national debt.
"The American people have also made clear that there is no mandate for raising tax rates," Boehner said Tuesday night. "What Americans want are solutions that will ease the burden on small businesses, bring jobs home, and let our economy grow. We stand ready to work with any willing partner - Republican, Democrat, or otherwise - who shares a commitment to getting these things done."
The Ohio Republican is scheduled to address the issue Wednesday afternoon.
Reid also said he anticipates addressing the need to increase the government's borrowing cap early next year and not in the post-election session of Congress.
Ya right !! The Reid led senate hasn't passed a budget in four year, and now it's full bore, ba!!s to the wall , lets geter done > Absolutely nothing will change. The Dems will say yes and the Repubs will say no, then the other way around. It's a long shot but lets hope they get something done this year because they haven't earned their pay check lately. And we keep sending the same people back / are we ever going to learn ???
Neither Democrats or Republicans are blameless in this, or any of the other pressing issues they can never seem to resolve. Party politics have dominated Washington DC for so long now that nobody seems to be able or willing to compromise and do what's best for America. Only two things matter: 1) get elected, and 2) get re-elected.
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Mike
why didn't they do this before the elections, democratic cowards.
 @Chawkfreak They tried. The GOP simply said "No Taxes. All Cuts".
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Today Boner said "May some taxes...".
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That may be the breach that was needed.
NO let the US OF A fly right over that cliff like thema and louise! Crash and burn baby! crash and Burn! lets make this the most misrable four years for Obama! and America
@wynooheeman looney boy is just another of these treasonous traitors who tries to call himself a patriot. And of course he has the usual psychophants (sic) supporting him.
 @wynooheeman Hey I found a date for you
http://www.youtube.com/watch?v=wLoqti0lzAw&has_verified=1
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(NSFW langauge)
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 @T H I S  @wynooheeman Wow! A 24 minute tirade that is even worse than the one CNN's Mary Matalin gave this morning...
Good thing this doesn't have images...I have trouble enough sleeping as it is...it's bad enough that the cat wakes me after 4 hours so I can escort her to her food dish...(she is pretending to be afraid of the dog...).
 @wynooheeman You would destroy a nation just for your hatred of one man?
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Shame on you. I'm not surprised you would say that, but SHAME ON YOU!
@OrcasThunder you can't shame me for this. this has been square on the shoulders of Hair reid! And Obama. I am using their play book now! I say we let the nation crash! So when the people suffer! And God I hope we do in Biblical propotions and we point out the true one percent! Those in office! those in power the democrats we the people will rise up kick them out of office for good! yes we will have token democrats but we will gain power through mutual suffering!
 @wynooheeman  @OrcasThunder
Hey, Livefyre - if I don't mark these as "read" does that mean they go away?
Would this be the same cliff you helped drive us up to, Harry? And then just sat there and waited while the edge crumbled away under the front wheels?
A deal is a deal Harry. This is the deal Obama's people proposed and pushed into law through YOUR office. This was to avoid a government shutdown a year ago. And now you want a different deal? No way! This was YOUR DEAL Harry. YOUR IDEA. You made your bed, now sleep in it you coward.Â
@Scott Collier bwahahahaâ¦.. You still donât even know what the heck that you are even talking about. Obviously. Go figure.
For those prone to heart attacks, strokes, or other stress issues, you better bust out the ear plugs because this is going to be a wild ride that defies all logic and comprehension.
How about a budget Harry?
I doubt the no to everything party will give in.
 @mstipton They said "yes" to this deal. Now let's get to cutting!
It may be a faint hope, but hopefully Sen. Mitchell will understand that he needs to find another "first job" - and choose to work WITH the Dems to find solutions...AND be more successful at accomplishing that goal...
 @OrcasThunder Couldn't agree more, but not likely to happen, I feel that the Republican party is too far gone to be anywhere close to being bipartisan.