Odds rise for "fiscal cliff" fight entering 2013

The "fiscal cliff" impasse is raising the odds that Congress will fail to meet a year-end deadline to avert steep tax hikes and budget cuts that could push the nation into another recession.

With talks between President Barack Obama and House of Representatives Speaker John Boehner at an apparent standstill, analysts said on Friday that it was increasingly likely that Washington won't be able to reach a deal before January 1.

"It's time to contemplate a plunge off the cliff," Potomac Research Group analyst Greg Valliere wrote in a research note.

Obama has insisted that any deal must raise taxes on the wealthiest 2 percent of U.S. households, an idea Boehner has resisted. The two sides also are far apart on the size and composition of spending cuts that would likely be part of a deal.

Little progress was expected on Friday with Boehner set to return to his congressional district in Ohio for the weekend.

Read Full Article from Reuters

- Posted: 2012-12-14 13:42:34

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