“Fiscal Cliff” on Hold but Making Progress, Slowly
The United States is on a crash course for a budget deficit slash by nearly half next year. Closing the gap too quickly, which in Washington is referred to as going over a "fiscal cliff," could trigger another recession. "Unfortunately the last 10 days, with the House and Congress gone for the Thanksgiving recess ... much progress hasn't been made," Dick Durbin, the No. 2 Senate Democrat. Still, lawmakers in both the Democratic and Republican parties are trying to convince the public - and financial markets - that we can compromise and reach a deal before the end of the year.