After Tuesday’s elections here is the outcome: President Obama was elected to four more years, we have a Republican House, and a Democratic Senate. So, it looks a lot like the last four years looked. The same three men are in charge: President Obama, House majority Leader John Boehner (R-OH) and Senate majority Leader Harry Reid (D-NV).
So will Washington actually do anything this time around? Or will they continue the same obstructionism and bickering we’ve seen without reaching a compromise?
The main controversy brewing right now is that over the Fiscal Cliff, a term coined by Federal Chairman Ben Bernanke. It refers to the sequester’s $600 billion in automatic spending cuts and tax hikes that kick on January 1 if Congress doesn’t act. The fight comes down to the Republicans wanting to keep all tax rates low while the Democrats want to raise taxes only on the wealthy. If Washington drives off the cliff, 90% of Americans will be paying on average $3,5000 more in taxes next year.
On Wednesday, Speaker Boehner held a press conference where he said that under the right conditions he would be willing to pursue a deal to raise taxes. Senator Reid is also looking to reach a compromise as he stated during his Wednesday press conference. So what are these conditions that will lead to a compromise?
Joining the conversation today is Huffington Post’s Howard Fineman who will help the Cyclists dissect what is happening in Washington and if will we reach a compromise with the fiscal cliff? Be sure to tune in at 3 p.m. to find out.
The Cycle Staff