(MENAFN) US President, Barack Obama, stated that reaching a fiscal deal is an achievable goal that can be reached within ten days, before the January 1 deadline, reported Xinhua News.
Obama's remarks came a day after John Boehner, the House Speaker, had to abandon a vote on "Plan B" tax bill, his proposal to avoid the fiscal cliff.
Boehner's backup plan, which proposes higher tax rates for American households making more than USD1 million annually, failed to gather enough support from his own Republican party, and wasn't going to pass the Democrats-controlled Senate or win the White House's approval.
Obama noted that he demanded Congress leaders to come up with a package that avoids a tax hike on middle-class Americans, protects jobless insurance for 2 million citizens and lays the basis for additional work on growth and deficit cutback.
According to White House spokesman, Jay Carney, Obama will work with Congress and was hopeful to reach a bipartisan solution very soon.
It is worth noting that the fiscal cliff is a mixture of deep spending reductions and huge tax hikes due in the first month of 2013.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.