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President, Congress set to return to work on fiscal cliff on Thursday

This news story was published on December 26, 2012.
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WASHINGTON, D.C. – President Obama is returning early from his vacation in Hawaii to join Congress in Washington in a last minute attempt to iron out the fiscal cliff issue.

So far, the White House says that the two proposals put forward by Republicans are short and sweet and don’t offer much.

“The proposal that we’ve seen is a two-page letter, and the much-discussed second proposal is less than half a page,” a White house spokesman said.  “There is no specificity behind what the Republicans have put forward, and no more than a sentence on revenues.”

The White House has also called Republican calls for extending tax cuts to wealthy Americans to permanent status “fantasy economics.”

If a deal is not reached, it is said that many Americans may lose up to $2,000 next year in earnings in their pocket as tax cuts enacted under the Bush administration are phased out.

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