Congress Won't Meet Monday Deadline

TUMBLING OVER

Updated Apr. 21, 2017 2:39PM ET / Published Dec. 31, 2012 4:15PM ET

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.

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Congress Won't Meet Monday Deadline

Alex Wong