It now looks highly unlikely that a deal to avert the fiscal cliff will be passed before Christmas, if at all. In a stunning turn of events, the Speaker of the House John Boehner was unable to muster enough support from his own political party to pass the Plan B alternative that would raise income taxes on people earning over $1,000,000 annually and maintain existing lower tax rates for everyone else. Even if Plan B had passed the House of Representatives, it would not have passed the Senate and the President had vowed to veto it. This leaves the nation in a precarious position. The Senate has passed legislation aligned with President Obama's vision to raise taxes on those earning $250,000 or more per year and leave discussion on spending cuts to a future time. That legislation would not pass the House of Representatives. There is no Plan A nor a Plan B and time is running out to pass a deal.
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