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"Fiscal cliff" deal reached between White House, lawmakers: source
A man walks past the U.S. Capitol Building in Washington December 17, 2012.
Credit: Reuters/Joshua Roberts
WASHINGTON |
WASHINGTON (Reuters) - The White House and congressional lawmakers have reached a deal to avoid the "fiscal cliff" that would delay harsh spending cuts by two months, Obama administration officials said on Monday.
President Barack Obama called Democratic Senate Majority Leader Harry Reid and House of Representatives Minority Leader Nancy Pelosi, who both signed off on the deal, one source said.
The agreement includes a balance of spending cuts and revenue increases to pay for the delay in the automatic spending cuts that would go into effect without a deal by lawmakers.
Of those spending cuts, 50 percent would come from defense and 50 percent from non-defense areas, the sources said. The White House viewed that as a victory, one source said, and sees it as a model for future deficit reduction pacts.
Vice President Joe Biden traveled to Capitol Hill to discuss the deal.
(Reporting by Jeff Mason and Mark Felsenthal; Editing by Peter Cooney)
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It’s the fashionable thing to do.
Has the Republican party been sabotaged by giant lizard men? Or are they really this dumb?
Wolves in sheep’s clothing as they hide behind the constitution, the bible and libertarian ideals. This is the worst congress in 200 years.
It took bicentennial depths of ring wing extremism to bounce the American people into re-electing Obama, but boy do these clowns have that in spades.
Stand up and be counted, and boot the self defeating kamikaze party OUT of congress.
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