Lawmakers Hope to Compromise on Fiscal Cliff

By: CBS
By: CBS

Do you think Congress will be able to keep the U.S from falling over this fiscal cliff? Leave your comments below.

Congress goes back to work Tuesday. They're facing pressure to work out a deal to prevent automatic spending cuts and tax hikes at the end of the year. Unlike the last budget crisis two years ago, both sides seem willing to compromise.

Over the weekend, democrats and republicans both suggested that they have the baseline for deal: democrats seem willing to cut some entitlement spending, and it appears that after losing the White House and losing members in both the House and Senate, republicans are willing to negotiate on increasing tax revenues.

"We need more revenue in Washington," said Sen. Lindsey Graham, R-SC. "We need more private sector jobs. We don't need to raise tax rates. We need to limit loopholes and deductions for the wealthy.

The President's negotiating position, expressed on Friday, is that he feels he now has a mandate to demand that the rich pay a higher share of taxes.

"I just want to point out this was a central question during the election," President Obama said. "It was debated over and over again. On Tuesday night we found that the majority of Americans agree with my approach."

The President and congressional republicans have tried before and failed to solve the nation's debt crisis. But speaker John Boehner told House republicans that after last week's election, the mandate from the American people is to work together, even if it meant additional revenues through tax reform.


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