Over the cliff we go!

CliffThat’s how it looks late on New Year’s Eve Day. The House of Representatives announced it won’t be voting before the deadline.

It is possible that that Pres. Obama and Minority Leader Sen. Mitch McConnell (R-KY) will reach an agreement in time. Without a vote in both houses, though, the agreement is merely a pact, not a law that would keep the spending cuts of the Sequester and restoration of the tax rates of the Clinton era from kicking in at midnight. The agreement would have to be written up in bills that would then have to pass both House and Senate— not a given.

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Filed under economy, Politics

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