Originally published on Sun December 30, 2012 6:15 pm
In the final hours of the latest budget crisis in Washington, several salient facts are increasingly clear.
First, the leaders of the two parties in the Senate might still put together a negotiated deal that would avert the combination of tax increases and spending cuts known as the fiscal cliff. The leaders would start with President Obama's top priorities, modify them to accommodate Republican preferences, throw in some measures that are GOP priorities and take the package to the floor.
Originally published on Sun December 30, 2012 7:36 pm
Senate negotiators failed to reach a deal Sunday on averting the "fiscal cliff," with the chamber adjourning for the night and only one day remaining before a package of spending cuts and tax increases automatically kicks in.
Majority Leader Harry Reid said the Senate will go back in session at 11 a.m. ET Monday. It's at least theoretically possible that negotiators might reach a deal and the Senate will have a package to vote on when it reconvenes Monday, meaning the measure could go to the House — where it may or may not come to the floor for a vote.
Pedestrians pass the Dow Jones display ticker in Times Square on Wednesday in New York. U.S. shoppers spent cautiously this holiday season, a disappointment for retailers that slashed prices to lure people into stores and now must hope for a post-Christmas burst of spending.