The dreaded "fiscal cliff" is rapidly becoming Washington's preoccupation - similar to the budget and debt-limit fight that consumed the U.S. capital last summer.
Not a day goes by without a series of volleys from leading partisans on the subject of the steep end-of-year tax hikes and spending cuts that would go into effect if lawmakers fail to act.
In the past week, President Barack Obama, Republican presidential challenger Mitt Romney, the speaker of the House of Representatives, the Senate's two top leaders, the treasury secretary and the chairman of the House Armed Services Committee all have weighed in.
Each is fretting about the combination of events, known as the fiscal cliff, that threatens to weaken a shaky U.S. economy unless action is taken.
These include: the December 31 expiration of across-the-board income tax cuts; the January 2 start of deep, automatic spending cuts of $1.2 trillion over 10 years; the need early in 2013 to raise U.S. borrowing authority or face a debt default; and the need for Congress to fund programs beyond the September 30 end of the current fiscal year to avert government shutdowns.
The Senate is debating the tax issue this week. The House will take it up next week.
That debate is shaping up along familiar fault lines.
Read more: http://www.reuters.com/article/2012/07/24/us-usa-congress-debt-idUSBRE86N1G220120724
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