Senator Durbin Says Resolution Will Be Reached on Fiscal Cliff.
Congress returns to work today after the Thanksgiving holiday break. At the top of the agenda - finding a way to resolve the so-called “fiscal cliff” on Jan. 1, which would usher in tax increases and spending cuts that could hurt the still-recovering U.S. economy.
Senator Dick Durbin (D-Illinois), on the ABC news program, “This Week”, embraced the idea that a resolution would include some spending cuts and increases in taxes on higher-income earners.
He was also optimistic that a resolution will be reached to avoid the fiscal cliff.
White House economists today warn the uncertainty of a potential hike in taxes next year could impact consumer confidence during the crucial holiday shopping season.
In a report released today to coincide with Congress' return to Washington, President Barack Obama’s National Economic Council and the Council of Economic Advisers conclude that if lawmakers don't halt the automatic increase in taxes for households earning less than $250,000, consumers might cut back now on what they had planned to spend, which would significantly slow the economic recovery.
Senator Durbin was also asked to speak on the attacks against U.N. Ambassador Susan Rice by Republicans. He says the attacks are unwarranted because Ambassador Rice, who spoke for the administration in the days after the attack on the consulate in Benghazi, disseminated information that she was given by U.S. intelligence officials.
(Posted 11-26-2012 at 9:45am, Illinois Radio Network)