Congress remains at a standstill as time is running out to come to an agreement about what to do about the tax increases set to kick in at the end of the year, CNN reported.
The "fiscal cliff" is fast-approaching, and with it comes an estimated $7 trillion worth of tax increases and spending cuts over the next decade, according to CNN.
Among the issues being debated is the Bush tax cuts for top incomes, which Treasury Secretary Timothy Giethner says "must go."
Policy makers have been unable to come up with a compromise to avoid a possible recession which would require the government to raise federal debt ceiling from its current level of over $16 trillion.
House Speaker John Bohner has confirmed that the negotiations have "gone nowhere" but that republicans are willing to agree to tax increases by closing tax breaks, but not by raising taxes, the Wall Street Journal reported.
Officials hope to come to an agreement before the Jan. 2 deadline.
Leave a comment