Over the Fiscal Cliff: How Hard a Landing?
Republican and Democrats alike say they are doing what the voters back home want.
Neither side has a clear advantage in public opinion. In an Associated Press-GfK poll, 43% said they trust the Democrats more to manage the federal budget deficit and 40% preferred the Republicans. There's a similar split on who's more trusted with taxes.
About half of Americans support higher taxes for the wealthy, the poll says, and about 10% want tax increases all around. Still, almost half say cutting government services, not raising taxes, should be the main focus of lawmakers as they try to balance the budget.
When asked about specific budget cuts being discussed in Washington, few Americans express support for them.
The CountdownTime for deal-making is short, thanks to the holiday and congressional calendars. Some key dates for averting the fiscal cliff:
- Lawmakers aren't expected to return to the Capitol until after Christmas, leaving less than a week to vote on a compromise before year's end.
- Obama and his family also left town for a Christmas vacation in Hawaii. The president said because the fiscal cliff was still unresolved, he would return to Washington this week.
- If lawmakers reach Dec. 31 without a deal, some economists worry that the financial markets might swoon.
- The current Congress is in session only through noon Eastern time on Jan. 3. After that, a newly elected Congress with 13 new senators and 82 new House members would inherit the problem.
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