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U.S. President Barack Obama delivers a statement on "fiscal cliff" before heading to Hawaii for Christmas holiday, at the White House in Washington D.C., capital of the United States, Dec. 21, 2012. Obama said on Friday he is willing to get a comprehensive "fiscal cliff" deal done before the deadline and that goal is "achievable."(Xinhua/Zhang Jun)
U.S. Senate Majority Leader Harry Reid on Thursday urged Congress Republicans to come up with a plan that both chambers of the legislature could pass, so as to avert the impending "fiscal cliff."
Going over the "fiscal cliff" seemed like "where we're headed," the top Democratic senator on Thursday said in a Senate floor speech.
Unless the U.S. Congress acts by the end of the year, a combination of tax increases and sweeping spending cuts totaling about 600 billion dollars will kick in next January, which could drive the country's economy back into recession.
However, House Speaker John Boehner, the top Republican lawmaker in the lower chamber, on Wednesday called on the Democrats-controlled Senate to act first to resolve the "fiscal cliff" deadlock.
With the Jan. 1 deadline around the corner, the chance for Democrats and Republicans to ink a big deal on government debt reduction was slim, according to some political analysts here.
President Barack Obama on Wednesday made phone calls to congressional leaders including Reid and Boehner to get an update on the ongoing "fiscal cliff" negotiations, the White House said on Thursday.
