It’s Official: U.S. Will Go Over Fiscal Cliff At Midnight
It’s official. With reports that Congress was close to a deal this morning which would avert the fiscal cliff and the president holding a press conference to bolster support for a last minute fix, reports that that the Senate will not be holding a vote on Monday night on this deal. The House has opted to adjourn for the day. At midnight tonight, the United States will go over the fiscal cliff, ushering in all the across-the-board tax hikes and automatic spending cuts that entails.
CNN Congressional reporter Dana Bash confirmed that there would be no vote tonight on Twitter early this afternoon.
CNBC confirmed later this afternoon that the fiscal cliff has arrived.
CNN anchor Wolf Blitzer confirmed that, as of January 1, America will careen over the cliff:
It’s possible that Congress could reconvene tomorrow, on a federal holiday, to pass a fix to the automatic tax increases. However, regardless of how Congress acts tomorrow, the United States will see the expiration of the Bush 2001 and 2003 tax cuts, the payroll tax cut and the return of the Alternative Minimum Tax at midnight.
Compounding those tax hikes include the automatic spending cuts mandated in the “sequester” which will impose deep spending reductions on America’s defense spending.
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