President Obama urges action before fiscal cliff
Updated: December 28, 2012
WASHINGTON D.C. -- Congress only has three days to act before 2013 rings in the fiscal cliff. That is why the President addressed the nation tonight. He is putting pressure on the Senate's top Democrat and Republican to come up with a solution. If they don't, it could mean tax increases and spending cuts.
President Obama says he is "modestly optimistic" but also warned that nobody is going to get 100% of what they want.
Tonight the President met with Congressional leaders Boehner, McConnell, Pelosi and Reid. He says their discussion was good and constructive about how to prevent the tax hike on the middle class but added that he's seen this before and we'll have to wait and see if a deal happens.
That deal is now in the hands of Senate majority leader Harry Reid and his Republican counterpart, Mitch McConnell. The President is hoping they can come up with a compromise.
Obama says that if the two leaders can't come up with a deal, his latest proposal will be put to a vote. He believes it'll pass both the House and Senate with bipartisan support.
President Obama says he is "modestly optimistic" but also warned that nobody is going to get 100% of what they want.
Tonight the President met with Congressional leaders Boehner, McConnell, Pelosi and Reid. He says their discussion was good and constructive about how to prevent the tax hike on the middle class but added that he's seen this before and we'll have to wait and see if a deal happens.
That deal is now in the hands of Senate majority leader Harry Reid and his Republican counterpart, Mitch McConnell. The President is hoping they can come up with a compromise.
Obama says that if the two leaders can't come up with a deal, his latest proposal will be put to a vote. He believes it'll pass both the House and Senate with bipartisan support.
If a deal isn't reached by the end of the year, economists say the increase in taxes and decrease in government spending could trigger recession.
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