No 'Fiscal Cliff' Deal As Parties Remain Divided Over Taxes, Cuts
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Washington, D.C. -
Time is just about up.
We are just hours away from the new year, and it appears congress is not getting any closer on a deal to stop tax increases and program cuts for millions of Americans.
Despite some last-minute maneuvering, congress and the president have been unable to reach a resolution for the "fiscal cliff."
Republicans and Democrats remain divided over what the income limit should be for higher tax rates.
Adjusting Social Security is also a sticking point.
President Barack Obama appeared on NBC's "Meet the Press" Sunday morning. He said Republicans need to realize that tax hikes on the wealthy has to happen in order for the economy to move forward.
"If we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off this sequester or what's called these automatic spending cuts," Obama said. "And that also would have a better outcome for our economy long-term."
Vice President Joe Biden is also involved in talks in a last-ditch effort to get the two sides to broker a deal.
Leaders in both parties on the House and Senate agriculture committees have agreed to a one-year extension of the 2008 Farm Bill that expired in October. In doing so, Congress has managed to avert the so-called "milk cliff," which could have sent milk prices skyrocketing to as much as $7 a gallon starting next month.
The House still has to vote on the bill.
Fox's Doug Luzader joined "Good Day" Friday morning from Washington to report on the latest.
Tuesday, May 21 2013 11:49 PM EDT2013-05-22 03:49:33 GMT
You'll never believe who is dancing circles around these people. Meet the Allentown-area lady with the fancy footwork that leaves her disciples breathless!
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Helmeted rescue workers raced Tuesday to complete the search for survivors and the dead in the Oklahoma City suburb where a mammoth tornado destroyed countless homes, cleared lots and claimed 24 lives.
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Bucks County EMT Bryan Elwell is heading out to Oklahoma to help assist overwhelmed emergency responders dealing with the deadly tornado aftermath in Moore, just outside Oklahoma City. He's prepared
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Police in Lancaster say they've detained two men in an investigation prompted by a woman's call to 911 from the trunk of a car to report that she had been abducted by strangers.
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A man was critically injured Tuesday in New Castle by an explosion that happened while he opened an antique army ammunition box he picked up from his neighbors trash.
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Police sources say the two incidents now under investigation took place at Houston Hall, a student center and lecture hall, on Spruce Street in the heart of the University of Pennsylvania campus.
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