T.J. Kirkpatrick for The New York Times
“It looks awful,” Senator Richard J. Durbin of Illinois, the second-ranking Democrat, said after tense negotiations on Sunday.More Photos »
By JONATHAN WEISMAN
Published: December 30, 2012 1427 Comments
WASHINGTON — Senate leaders on Sunday failed to produce a fiscal deal with just hours to go before large tax increases and spending cuts were to begin taking effect on New Year’s Day, despite a round of volatile negotiations over the weekend and an attempt by Vice President Joseph R. Biden Jr. to intervene.
The Fiscal Deadline in Washington
The New York Times is following the talks between President Obama and Congressional leaders on the so-called fiscal cliff.
Multimedia
Related
Congressional Memo: A Showdown Long Foreseen(December 31, 2012)
Senate Seeks Bipartisan Formula to Reach Tax Deal (December 30, 2012)
Senate Leaders Set to Work on a Last-Minute Tax Agreement(December 29, 2012)
Stephen Crowley/The New York Times
Senator Mitch McConnell, left, the Republican leader, with aides on Sunday. He called the vice president seeking help. More Photos »
Readers’ Comments
Readers shared their thoughts on this article.
In seesaw negotiations, the two sides got closer on the central issue of how to define the wealthy taxpayers who would be required to pay more once the Bush-era tax cuts expire.
But that progress was overshadowed by gamesmanship. After Republicans demanded that any deal must include a new way of calculating inflation that would mean smaller increases in payments to beneficiaries of programs like Social Security, Democrats halted the negotiations for much of the day.
The Republican leader in the Senate, Mitch McConnell, made an emergency call to Mr. Biden in hopes of restarting negotiations, and the White House sent the president’s chief legislative negotiator to the Capitol to meet with Senate Democrats. Soon after, Republicans withdrew their demand and discussions resumed, but little progress was made.
Lawmakers will be back on Monday. Senator Harry Reid of Nevada, the majority leader, said the Senate would return at 11 a.m. Monday and then left the Capitol just after 6 p.m.
“Talk to Joe Biden and McConnell,” Mr. Reid told reporters when asked if negotiations were continuing.
In the balance are more than a half-trillion dollars in tax increases on virtually every working American and across-the-board spending cuts that are scheduled to begin Tuesday. Taken together, they threaten to push the economy back into recession.
No comments:
Post a Comment