An agreement to avert the fiscal cliff
of automatic tax increases and spending cuts appeared "within sight,"
President Barack Obama said Monday, but lawmakers said nothing will pass
Congress before a midnight deadline.
Senators were "very, very
close" to a deal, having worked out an agreement on taxes, Senate
Minority Leader Mitch McConnell said Monday afternoon. But the House of
Representatives won't vote on any plans to avert the fiscal cliff on
Monday, leaders have told members.
At the White House, Obama
said the deal now on the table would prevent a tax increase for the
overwhelming majority of Americans, extend the child tax and tuition
credits for families as well as those for clean-energy companies, and
extend unemployment benefits for 2 million people, Obama said.
But Obama did not sound
hopeful a deal was imminent, saying he expected to remain at the White
House for New Year's Eve as a midnight deadline neared.
"They are close, but
they're not there yet," Obama said. "And one thing we can count on with
respect to this Congress is that if there is even one second left before
you have to do what you're supposed to do, they will use that last
second."
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