WASHINGTON – Although President Obama said Monday that a deal was near, the House of Representatives will not vote on any legislation to avoid the so-called “fiscal cliff” that kicks in at midnight.
If no deal is reached, automatic tax increases and spending cuts are in store for America.
Many working Americans will see their paychecks shrink to the tune of up to $2,000 per year.
U.S. Senate Republican Leader Mitch McConnell reported earlier on Monday that “we’ve reached an agreement on the all the tax issues,” and President Obama had reported that a deal was “within sight.”
It has been reported that spending is still a “sticking point” and the House will not vote on any deal before midnight.
One spending cut Republicans have been pushing for is smaller Social Security checks.
House Speaker John Boehner said Monday evening on his Facebook page that “As the U.S. House waits on Senate Democrats to act on the fiscal cliff, I’ve advised members to stay close to the Capitol this evening in case of further votes. The House has passed legislation to stop ALL tax hikes on families and cut gov’t spending – the real driver of our debt. With hours to go until the January 1st deadline, the Democrats who control the Senate have yet to pass anything.”
