Thursday, December 13 2012, 07:54 AM MST
Fiscal Cliff Deadline Looming Around Holiday Season
(KUTV) With less than three weeks until the New Year, the impending ‘Fiscal Cliff’ remains unresolved.
President Obama and House Speaker John Boehner continue to trade proposals, but Boehner says no real progress has been made.
Santa Claus made an appearance on Capitol Hill Wednesday to urge Congress and the White House to strike a deal to avoid the looming ‘Fiscal Cliff’ before Christmas – but despite his efforts, the stalemate continues.
"It's discouraging that our elected leadership in Congress can't come together to get the job done for the American people,” said Executive Director of Catholics United James Salt.
Both sides of the issue say the impending tax hikes and spending cuts are putting a damper on the holidays.
"I think it's going to be extremely difficult to get it done before Christmas,” said Harry Reid.
In anticipation that there will be no agreement, Congressional leaders told lawmakers not to make holiday travel plans.
"We're going to stay here right up until Christmas Eve, throughout the time and period before the New Year, because we want to make sure we resolve this in an acceptable way for the American people,” said Majority Leader Rep. Eric Cantor.
President Obama and House Speaker John Boehner continue to talk, but Boehner said in an interview that both sides have “serious differences.” Those differences are already affecting Americans. Fed Chairman Ben Bernanke says just the threat of the ‘Fiscal Cliff’ is dragging down the economy.
"It's already affecting business investing and hiring decisions by creating uncertainty," said Bernanke.
The effects of the looming ‘Fiscal Cliff’ is unwelcome news to the hundreds who lined up at a job fair in New York on Wednesday.
"Basically I am looking for anything that pays American dollars,” said Vincent Hearn, an unemployed worker.
Bernanke believes 2013 will bring more jobs and slightly faster economic growth if Congress strikes a deal. He says the best thing Congress and the President can do is to resolve the issue quickly.
(Copyright 2012 Sinclair Broadcasting Group.)