On New Year's Day, both houses of Congress are at work trying to prevent the country from going off the "fiscal cliff," something that has caused major uncertainty from Wall Street to Main Street. The Senate, controlled by Democrats, passed a deal early Tuesday morning that had Republican support. It passed 89 to eight. It has since moved to the House, where its future is looking more and more gray.

The Republican members of the House, however, appear to be leaning against the bill. In contrast, the House Democrats, led by Rep. Nancy Pelosi (D-CA), appear to support the bill. Both sides do, however, agree that the plan is not perfect. At the time of filing the House is still in recess and the Republican members of the House are still in their conference, but reports are still coming out. In addition, the Senate is still in session.

NBC is reporting that Rep. Spencer Bachus (R-AL), "told reporters during a meeting of the Republican members…that the House was likely to send the bill back to the Senate with spending cuts."

The general problem Republicans have with this plan is the lack of spending cuts. Despite this lack, revenue is being generated because the wealthiest Americans will see a tax increase under this plan.

Politico is reporting that Rep. Eric Cantor (R-VA) "…came out in opposition to the package."

NBC is also reporting comments made by Rep. Xavier Becerra (D-CA), in which he says, "'We hope the House will respect the wishes of the people's representatives and allow members to vote."'

 

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