US Congress comes back on Tuesday to confront 'fiscal cliff'
Published on Nov 13, 2012 8:58 AM
WASHINGTON (Reuters) - Amid a global fright over Washington's political brinkmanship, U.S. lawmakers return to the capital on Tuesday with a seven-week deadline to reach agreement on scheduled tax hikes and budget cuts that threaten to trigger another recession.
The post-election battle over the so-called fiscal cliff is shaping up as an extension of the political campaign with Democrats trying to rally support for raising taxes on the wealthy as part of any deal, and Republicans countering that such an approach would devastate "job creators" across the country.
President Barack Obama has scheduled high-profile White House meetings with business, civic and labour leaders in advance of a summit set for Friday of top Republicans and Democrats in Congress.
Republican leaders, among them former vice presidential nominee Paul Ryan, have planned their own round of television appearances and news conferences to make their case.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here