For those who believe that Congress and the White House can find a solution to the fiscal cliff problem, hope has begun to drain away. Treasury Secretary Tim Geithner said that Republicans will have to accept the president's tax and stimulus proposals. Republicans believe the president hit them with a new proposal, almost entirely contrary to theirs, without warning. And a number of Republicans continue to refuse proposals for new taxes on people who make more than $250,000 a year.
According to CBS News:
The public posturing picked up on Sunday television where it left off at the end of last week, with politicians attempting to sell their sides of the story while evading any semblance of willingness to budge on their respective stances. And time is running out. There is less than a month before a series of automatic spending cuts and tax increases are set to go into effect, which economists predict will be devastating for the economy.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, Economy, Politics