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House Speaker John Boehner holds a press conference at the Capitol on Friday. The night before, he did not have enough backing from his own party to pass his fiscal cliff legislation.
President Obama had stern words for congressional leaders Friday when he urged them to approve legislation before the New Year to prevent tax increases on millions of middle class Americans and an expiration of long-term unemployment benefits.
After House speaker Rep. John Boehner was unable to convince members of his own party who staunchly oppose tax increases to back his ‘Plan B’ legislation last week, Obama said he still wants a bill that requires the wealthiest American to pay more. The key players made the rounds on Sunday talk shows but there’s still no sign they’re closer to a deal.
With Republicans not buying into Boehner’s plan, who does the President negotiate with? Meanwhile, economists fear the looming fiscal cliff could deliver a blow to the U.S. economy. Will Congress finalize a deal before the New Year?
Steven Sloan, Senior Tax Reporter for POLITICO
Arnold Steinberg, veteran political strategist and analyst