A little later, House Minority Leader Nancy Pelosi took the stage and said that House Republicans should approve a bill that has already passed the Senate to extend the Bush-era tax cuts for the 98% of U.S. households with annual income less than $250,000. Pelosi said the separation of the tax cut proposal is “central to solving our fiscal-cliff challenge.”
This is high-stakes game to see who will blink first — Republicans who have steadfastly resisted any tax hike at all for anybody or Democrats who want to extend the current income tax breaks for most Americans. This extended battle of the nation’s fiscal woes is probably why today’s report on consumer sentiment took such a severe dip. Most Americans reckon that neither side will budge from long-held positions and that they will have to take more lumps after the first of the year before Washington acts.
Paul Ausick
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.