Lawmakers seek New Year's resolution ahead of fiscal cliff

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December 31, 2012, 5:49 am
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(NECN: Eileen Curran) - When congress returns to Capitol Hill Monday morning, members would be just hours away from massive tax hikes and spending cuts. But they aren't starting overly early.

"We're going to come in at 11 a.m. tomorrow morning, and will have further announcements, perhaps, in the morning. I certainly hope so," Senator Harry Reid (D-NV)/ Sen. Majority Leader said.

Despite no deal in place, aides say there has been "constructive movement" over the weekend. Lawmakers compromised on key issue like taxes for wealthier Americans, and avoiding a jump in inheritance taxes.

Republicans also dropped a demand to cut Social Security.

"The consequences of this are too high for the American people to be engaged in a political messaging campaign. I'm interested in a result here," Senator Mitch McConnell (R-KY)/ Sen. Minority Leader said.

On "Meet the Press", President Obama blamed Republicans for holding up a deal.

"I think it's been very hard for Speaker Boehner and Republican Leader McConnell to accept the fact that taxes on the wealthiest Americans should go up a little bit," the president said.

On Sunday, Republicans said Democrats were stalling on a counter offer.

"I think it's pretty obvious that the President has wanted us and still wants us to go over the fiscal cliff," Rep John Fleming/ (R) Louisiana said.

Senate Minority Leader Mitch McConnell called his longtime friend and senate veteran, Vice President Joe Biden, for help.

McConnell says he willing to get this done.

"I want everyone to know I'm going to get this done but I need a dance partner."

Tags: congress, President Obama, taxes, Democrats, Capitol Hill , Republicans, politics, lawmakers, Social Security, tax cuts, taxpayers, Eileen Curran, tax hikes, fiscal cliff
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