NewsViews: The fiscal cliff
November 11, 2012 (WLS) -- A new showdown is looming in Washington as the lame-duck Congress returns next week.
The fiscal cliff, a series of spending cuts and tax increases, could take effect in January unless Congress and President Barack Obama agree on a deal.
Obama called on Congressional leaders Friday to comprise to develop a debt relief plan similar to one that was reached in the 1990s.
"We can't just cut our way to prosperity," Obama said. "If we're serious about reducing the deficit, we have to combine spending cuts with revenue."
House Speaker John Boehner agreed that a deal needs to be made.
However, the Republican-controlled House of Representatives and the newly reelected Democrat Obama have ideological differences regarding the cuts and tax increases.
DePaul University Political Science Professor Wayne Steger and tax attorney Dave Henderson weigh in on the dilemma facing lawmakers and the effect it will have on Americans.
- Chicago Weather: Snow to arrive Tuesday 3 min ago
- Allan Kustok found guilty in wife's 2010 murder
- Japan marks 3rd anniversary of tsunami disasters
- ABC7 First Alert Weather Forecast
- 3 people shot in car at 76th, Stony Island
- Retired CPD sergeant hospitalized after East Side shooting
- Appeals court to consider Blagojevich transcripts 24 min ago
- Repairs to city's aging sewer, water lines underway
- Combat Hate app launches in Chicago
- Olympic medalist welcomed back to Buffalo Grove school
- Ed Burke reflects after over 40 years as Alderman 10 min ago
- Polar plunge raises over $1M for Special Olympics
- Photos: 'The Bachelor' Season 18 finale in pictures
- abcnews: Obama Shops At The Gap 29 min ago
- Ed Burke reflects after over 40 years as...
10 min ago
Most Viewed StoriesMost Viewed Photos