Congress Won't Meet Monday Deadline

    WASHINGTON, DC - DECEMBER 19:  U.S. President Barack Obama pauses as he speaks during an announcement on gun reform in the Brady Press Briefing Room of the White House December 19, 2012 in Washington, DC. President Obama announced that he is making an administration-wide effort to solve gun violence and has tapped Vice President Joseph Biden to lead the effort in the wake of the Sandy Hook Elementary School shooting in Newtown, Connecticut.  (Photo by Alex Wong/Getty Images)

    Alex Wong

    Speculation swirled Monday that reaching a deal on the fiscal cliff debate by midnight was an impossible task. It looks like the critics may have been right. According to several sources close to the talks, Congress will not be meeting the Monday midnight deadline to avert the fiscal cliff. The two key players in the debates, Sens. Harry Reid and Mitch McConnell have yet to come forward and confirm the allegation. If it is true, things will only get worse from here. Short story: America will be subject to automatic tax hikes and spending cuts, set to take effect tomorrow, January 1, that could send the nation into a severe recession. 

    Read it at Associated Press