Fiscal Cliff Talks Continue

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Tuesday, November 27, 2012 - 8:41am

Congress returns from Holiday Break to face a deadline with serious consequences.

In Washington, the House returns from its holiday break today, as efforts to continue to avoid the Fiscal Cliff - a series of tax increases and spending cuts that kick in at the end of the year if Congress doesn't act.

But now, it looks like some Republicans may be willing to back off an old pledge not to raise taxes.

The issue here is how to get people who earn over $250,000 to contribute more - raise their taxes or cut their deductions?

Today President Obama meets with small business leaders, continuing his push for higher taxes for the wealthy.

A new White House Economic Report warns if tax breaks go away, the average middle class family will owe Uncle Sam another$ 2,200 dollars next year.

Some prominent Republicans, who've been dead set against raising tax rates on anyone - now hint they may consider other options.
 

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