Reid: Boehner Fiscal Cliff Plan Can't Pass Senate

WASHINGTON (AP) -- Senate Majority Leader Harry Reid says a House Republican backup plan for avoiding the "fiscal cliff" can't pass the Democratic-run Senate.

House Speaker John Boehner said Tuesday that he was preparing a backup plan for averting the "fiscal cliff" if President Barack Obama fails to agree to a compromise that is evenly balanced between tax increases and spending cuts. Boehner's backup plan would continue tax cuts for people earning $1 million or less, but allow tax increases on those earning more than that. Still, the Ohio Republican said his talks with Obama will continue.

Without an agreement, taxes will rise for nearly every American on Jan. 1 and wide-ranging spending cuts will also begin taking effect.

Reid said Boehner should focus on negotiations and not succumb to tea party pressure.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2159712, ~/Articles/ArticleHandler.aspx, 10/20/2014 9:11:32 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement