Fiscal Cliff: Will We Meet the Deadline?

By Jillian Marshall

Fiscal Cliff: Will We Meet the Deadline?

December 31, 2012 Updated Dec 31, 2012 at 5:50 PM EDT

(WBNG Binghamton) Millions of people are getting ready for the start of the new year, but midnight is more than the beginning of 2013, it's the deadline for the so-called Fiscal Cliff.

Around 1:30 Monday afternoon, President Obama said that we are near an agreement, but have not made one quite yet. He said in order to make the agreement, democrats and republicans need to work together to come up with a solution for all of the American people.

As of 4:30 Monday afternoon, the House will not vote on the proposal by the midnight deadline.

According to President Obama, members of congress are close to a deal on Bush era tax cuts and an agreement is in talks to extend tax cuts for families making up to $450,000 a year and individuals making up to $400,000 a year.

Although Obama is not directly in the planning process, he remains positive about a deal being reached. But said that now they are going to focus on each aspect of the fiscal cliff separately and conquer them in smaller parts.

Just minutes after Obama finished speaking, Citizen Action held their own meeting on their feelings of the Fiscal Cliff. The group gathered in Binghamton to call on Republican Richard Hanna to end tax cuts for the top 2 percent, to protect Social Security, Medicare, and Medicade.

If there is no compromise, millions face losing unemployment benefits and massive spending cuts.

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