Obama Says Aloha to New Fiscal Cliff Proposal
Despite disparaging news from Senate Majority Leader Harry Reid (D-Nev.) early Thursday that a plunge off the fiscal cliff is unavoidable, Washington publication The Hill is reporting that President Barack Obama will offer a budget proposal to Senate Republicans within a day.
Obama returned early from his Christmas vacation in Hawaii to address the fiscal cliff, and reportedly called congressional leaders along the way to discuss the topic from Air Force One.
Lending, liquidity and the tax exemption have been cited as ways the budget deal, if and when it’s reached, could affect credit unions.
Lame duck Sen. Scott Brown (R-Mass.) said in messages on social media that he is eager to review the proposal, which could prevent automatic Jan. 1 tax hikes and federal spending cuts that could put the U.S. back into a recession.
Obama has previously said he would seek to compromise on the budget by extending Bush-era temporary tax cuts only for those earning less than $1 million annually, rather than the original $250,000.
The president also said he would move to increase the debt ceiling and extend unemployment benefits.