By mid-2013, Senate Democrat Could Strike a Deal on Deficit
Dick Durbin's idea has not panned out into any formal plan. As the so-called fiscal cliff approaches the December 31 expiration of many tax breaks, including lower rates for all income levels that were passed during the George W. Bush administration. Deep domestic spending cuts are due to kick in January 2. This could create a jolt to the economy from the tax hikes and spending cuts has become a major headache for lawmakers and policymakers.