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Still No Movement on Fiscal Cliff

10:01 AM, Dec 27, 2012   |    comments
Photo: AP
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WASHINGTON (AP) - President Barack Obama will be back in Washington this morning, after a brief holiday vacation in Hawaii. The president and lawmakers are running out of time to work out an agreement to stave off the across-the-board tax increases and budget cuts that are set to take effect next week.

The government also is set to reach its borrowing limit Monday, but Treasury Secretary Timothy Geithner says he'll be taking "extraordinary measures as authorized by law" to postpone a government default.

Obama's aides have been consulting with Senate Democratic Leader Harry Reid's office, but Republicans have not been part of the fiscal cliff discussions in recent days, suggesting much still needs to be done if a deal, even a small one, is to be struck and passed through Congress by Monday.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Associated Press

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