Fiscal Cliff Deadline Looms, Schumer Confident
By: WROC-TV
Updated: December 7, 2012
Just 25 more days until the U.S. falls off the so-called "fiscal cliff," and the pressure is mounting as the debate on Capitol Hill continues.
President Obama visited with a Virginia family Thursday who will be hurt if Congress can't come to a decision. If an agreement is not reached in Washington, a series of Bush-era tax cuts will expire and many of the tax deductions middle-income families depend on will go away. New York Senator Charles Schumer says he is confident an agreement will happen.
"Republicans are realizing we have to do some revenues albeit only on those who are very, very wealthy," Schumer said. "No one below 250 [thousand] should pay a nickel of tax increases, and Democrats are realizing we have to look at the spending and get rid of wasteful spending."
It is estimated the fiscal cliff could cost New Yorkers another $43 billion in taxes.
President Obama visited with a Virginia family Thursday who will be hurt if Congress can't come to a decision. If an agreement is not reached in Washington, a series of Bush-era tax cuts will expire and many of the tax deductions middle-income families depend on will go away. New York Senator Charles Schumer says he is confident an agreement will happen.
"Republicans are realizing we have to do some revenues albeit only on those who are very, very wealthy," Schumer said. "No one below 250 [thousand] should pay a nickel of tax increases, and Democrats are realizing we have to look at the spending and get rid of wasteful spending."
It is estimated the fiscal cliff could cost New Yorkers another $43 billion in taxes.
