Though the meeting did not yield a breakthrough or any "concrete" proposals, Senate Democratic Leader Harry Reid and Republican Leader Mitch McConnell [photo] gave taxpayers a glimmer of hope by announcing on the floor that the Senate would adjourn Saturday to allow staff to work on a bill. McConnell said he hopes they can come forward with a recommendation as early as Sunday.
"We need to have everybody step back a bit," said Reid, who called the meeting "very constructive."
The pledge to work on a new bill is by no means a solution to the sweeping set of tax hikes set to hit Jan. 1, followed by steep spending cuts. Lawmakers still have to write the bill, and produce something that can pass both chambers.
President Obama, speaking from the White House briefing room late Friday, voiced a dose of doubt about the Senate leaders' final push for a deal.
He said he's "modestly optimistic" but that if Reid and McConnell fail, the Senate should allow an up-or-down vote on a scaled-back proposal the president is pushing.
"The hour for immediate action is here, it is now," Obama said. "We're now at the last minute, and the American people are not going to have any patience for a politically self-inflicted wound to our economy. ... We've got to get this done."
Considering how late this effort is getting underway, lawmakers easily run the risk of missing the deadline and causing at least some uncertainty with Americans' tax bills starting next week.
The developments late Friday, though, at least showed Reid and McConnell were beginning to work together. And it marked a decision by lawmakers that the Senate should make the first move -- for days, House Speaker John Boehner has insisted that the Senate act, but Reid has resisted and put the onus on the House.
It's unclear what the new bill would entail. It appears the Senate wants to tweak the Obama plan, which would include an extension of current tax rates for most Americans -- but potentially adjust it so fewer earners see a tax hike, and add a provision dealing with a looming expansion of the estate tax.
The debt ceiling, which Obama wants increased, would not be part of this bill. And a senior White House official admitted it is unclear how a looming set of spending cuts would be addressed.
The White House official said that during the meeting, Reid and McConnell jumped in and offered to draft a new plan after Obama told them he thought his scaled-back proposal could pass both chambers.
The president's plan is a far cry from the kind of "grand bargain" lawmakers were shooting for just a few weeks ago -- something that would narrow the deficit, overhaul the tax code and set the country on a course to curb its entitlement spending, all while averting massive tax hikes and spending cuts.
Instead, Obama wants a bill that primarily nixes the tax hikes for families making under $250,000. He has pushed that particular provision for months, though Republicans have adamantly opposed raising taxes on those making above $250,000.
Obama's proposal would also extend unemployment benefits for roughly 2 million people expected to lose them next year, and deal with "other outstanding issues."
Obama referred to those other issues last week when he called for laying "the groundwork for future growth and deficit reduction," which presumably would be a commitment to return next year and draft broader tax and entitlement reform.
Read more: http://www.foxnews.com/politics/2012/12/28/obama-congressional-leaders-give-talks-to-avert-fiscal-crisis-one-last-try/#ixzz2GP9Z4LtK
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