Courtesy of Mish.
Progress on the alleged fiscal cliff has been non-existent. Obama wants tax hikes on the wealthy, Republicans want to close loopholes.
With little possibility of a breakthrough on the fiscal cliff until the “last minute“, inquiring minds are likely wondering what the term “last minute” precisely means.
I can help.
Please consider the Wall Street Journal article Obama Calls Boehner, Reid on ‘Fiscal Cliff’.
President Barack Obama called House Speaker John Boehner and Senate Majority Leader Harry Reid over the weekend to discuss the fiscal cliff, as staff-level negotiations have moved slowly and produced no visible signs of progress on how to avoid the tax increases and spending cuts due take effect in January.
A broader group of negotiators that includes Senate Minority Leader Mitch McConnell (R., Ky.) and House Democratic Leader Nancy Pelosi of California, had been expected to reconvene this week, but that is now unlikely.
With each passing day, the government moves closer to the fiscal cliff, the combination of $500 billion in tax increases and spending cuts that begin in January and that economists have said could tip the country back into a recession.
One veteran Democratic aide said he wasn’t surprised major concessions hadn’t been made, given that real deal making usually happens at the last minute, which he put at “two weeks away.“
Expect Definition to Change
Two weeks away would be December 10, which I suggest is far too early to be considered “last minute“.
As supporting evidence, I present the online Congressional Calendar for December.
Green is Senate in Session. Orange is House in Session. The green hashed bars are TBD “to be determined“….
