Fiscal cliff deadline creeping closer

The clock is ticking for Capitol Hill lawmakers to come to a tax agreement before the standstill sends the U.S. careening over the “fiscal cliff.”

The Jan. 1 fiscal cliff is described as the catastrophic expiration to tax cuts employed by President George W. Bush during his presidency.

If Congress and the White House are unable to come to an agreement, income taxes for the average household could spike as much as $3,500.

Just before Thanksgiving, President Barack Obama met with top economists and policymakers to try and reach an agreement before Congress had a chance to devise their own plan.

In the following week, Obama adamantly announced that he would not sign any bill that made it to his desk that raised taxes for earners making less than $250,000 a year.

But House Republicans rejected the White House’s plan on grounds that it placed too much of the fiscal cliff burden on the most wealthy.

In a deal of their own, GOP House members Monday blazoned a counter offer to the Executive Branch.

They offered $2.2 trillion that would not raise tax rates on upper income Americans but would reform $800 billion in tax reform and $600 billion in health care cuts and $600 billion in cuts to discretionary and mandatory spending.

About David Hood

David Hood is a newspaper and print design enthusiast. He is proud to be the co-winner of the National Scholastic Press Association’s 2008 Design of the Year Award for Newspaper Design for his high school newspaper, Crimson, in Paso Robles, Calif. After serving the Daily Titan as a Layout Editor, he traveled to Washington, D.C. to the Washington Journalism Center where he interned as a business reporter at The Washington Times and garnered 20 bylines, four on its front page. He hopes to rekindle people’s interest in news for better public discourse and understanding.