Fiscal Cliff is here amidst senators arriving at a solution but unable to avert the tax increases and spending cuts as Congress didn’t vote with House of Representatives leaving a lot earlier than Vice President Joe Biden who was working till midnight to strike a deal in his office.
The Senate leaders have struck this deal with White House at the last minute. Vice President Joe Biden has presented the deal draft to Democrats late on Monday for approval.
President Obama has however said that more work is needed to improve the economy’s situation and blamed Congress for not being supportive.
A senior Democrat has however told CNN that once the caucus meetings go by satisfactorily, it would just take an hour to get the voting done. According to the new proposal, if adopted, tax breaks started by Bush administration could be delayed for another two months. These tax breaks were provided for individuals earning less than $400000 and couples earning less than $450000 which according to Obama should be reset at $250000.