Those hoping to start the New Year with the avoidance of the "fiscal cliff" that will raise taxes for many Americans will be let down as new reports indicate that the U.S. House of Representatives won't be voting on any bills to avoid the deadline at midnight.
As the Associated Press reports, House Republicans said Monday that the chamber will be voting on bills that evening pertaining to issues other than the expiration of the Bush-era tax cuts, which are due to terminate at midnight, Jan. 1.
However, President Obama indicated on Monday afternoon that Congress was still attempting to work out a deal that would extend unemployment insurance and avoid automatic tax increases for millions of middle-class Americans, although he added that legislators are "close but they're not there yet."
"We're hopeful that Congress can get it done. But it's not done, and so part of the reason I wanted to speak to all of you today is to make sure that we emphasize to Congress and so members of both parties understand that all across America this is a pressing concern on people's minds," Obama said at a press conference.
With the expiration of the Bush tax cuts, roughly $500 billion in automatic tax increases and $100 billion in federal spending cuts are expected to take place.
According to the L.A. Times, a deal being hammered out by Vice President Joe Biden and Senate GOP Minority Leader Mitch McConnell, R-Kentucky, is one of compromise. The deal would raise taxes on income and investments for the wealthiest Americans, being individuals making more than $400,000 annually or households earning $450,000 or higher.
However, neither side is in agreement yet over the automatic spending cuts.
House Speaker John Boehner tweeted after 5 p.m. Monday that Republican House Majority Whip Eric Cantor "has advised Members to stay near Capitol in case of further votes."
Sen. McConnell said earlier on Monday that "we are very, very close" to a deal.
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