Now that the House of Representatives and White House have bungled fiscal cliff negotiations, some experts believe that the Senate is the only body that can reach a compromise to set new laws to mitigate the effects of the impending spending cuts and tax hikes. The partisanship involved in the discussions, however, may be too great a hurdle.
According to The New York Times:
Senators Kay Bailey Hutchison of Texas and Johnny Isakson of Georgia, both Republicans, implored Senate leaders to reach an accommodation with Mr. Obama when Congress returns on Thursday, even if that meant that taxes would go up for those with high incomes and that spending cuts would be put off.
Don't count on it.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, Politics