A compromise deal on the fiscal crisis could be reached as early as Sunday, when the House and Senate officially return to Capitol Hill to attempt to reach a compromise before the January 1 deadline for tax increases and massive spending cuts.
If an agreement cannot be made and this goes over the cliff on Jan 1 ” IT IS THE PRESIDENT’S BABY – NOT THE REPUBLICANS”
Last summer (2011) congress was debating the national debt. It was getting late so the Republicans and Democrats agreed to a Joint Committee (SUPER COMMITTEE),
In the agreement it was declared that should the SUPER COMMITTEE not agree there would be
A $500 billion mix of tax increases and federal spending cuts in 2013 would kick in January 1 2013.
The person to impliment this action fell to the President as he concurred in this by signing the BUDGET CONTROL ACT OF 2011.
He owns this piece of legislation just as does the Democrats and Republicans.