So far, Boehner said, "we're nowhere."If compromise were easy for this bunch, they wouldn't be in this jam. A good chunk of the fiscal cliff â¿¿ the automatic spending cuts known as the "sequester" â¿¿ is an artificial deadline created by Congress in hopes of forcing itself to come up with a deficit-cutting plan. It arrives at the same time as the expiration of the George W. Bush-era income tax cuts and other temporary tax breaks scheduled to end unless Congress extends them. Together the taxes and cuts would equal close to $700 billion in deficit reduction over 2013.
How Far Over The 'fiscal Cliff' Could They Go?
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts