The Bush-era taxes will expire on December 31, 2012. The only solution to avert the “fiscal cliff” is to compromise on spending and tax hikes. President Obama and House Speaker John Boehner following days of closed door talks have come to a compromise. House Republicans are expected to vote on a GOP proposal to avert the “fiscal cliff.” House Majority Leader Eric Cantor says such a vote will take place Thursday, and Cantor believes he has a enough votes to pass the measure.
Republicans will be voting on a bill that House Speaker John Boehner says will raise taxes on upper income households earning over one-million dollars. The White House has said it wants the ceiling lowered for such tax raises. Senator Majority Leader Harry Reid has already said he doesn’t believe the bill to raise taxes on the rich will pass the Democratic-led Senate.
Stay viewing for my series the “Deal from Capitol Hill” joining me in discussion is U.S. Congressman Bobby Scott.