Economists say the country will fall into another recession if it goes over the so-called fiscal cliff on January first. That is when Bush-era tax cuts expire and spending cuts kick in. That is unless the president and lawmakers agree on a new plan.
U.S. Senator Bernie Sanders (I-Vt.) on Monday downplayed the cliff crisis scenario. "So it is not that on a certain day the world collapses. That is not the case. We are talking about a ten year -- what the sequestration is over ten years -- and Congress can in fact address it. So to reiterate, I would prefer to address it in the next session of Congress to get a good solution than have a bad agreement this session of Congress," Sen Sanders said.
Sanders believes corporations and the wealthy should pay more taxes and there should be cuts in military spending as a way to reduce the deficit. But cuts to Social Security should not even be considered. "Because Social Security has not contributed a nickel to the deficit, because it is independently funded by the payroll tax and has a $2.7 trillion surplus. so lets get Social Security off the table," he said.
House Speaker John Boehner (R-Ohio) has reportedly said Republicans are ready to compromise when it comes to eliminating some tax loopholes and deductions, but raising taxes is still off the table. U.S. Rep Peter Welch (D-Vt) is not confident that compromise can be reached in this lame duck session and he said that is ok. What is most important, he said, is that the voters have spoken. "They clearly want a balanced approach and that means something that is going to be beneficial to the middle class. In the long run those are two things that give us opportunity to come out with a better resolution. And whether we do that before or after January , it's much more important that what we do it being solid and substantial, then whether it's before or after that fiscal cliff date," he said.
Rep. Welch said, after all, the current Congress had plenty of time to agree on a budget, but chose gridlock instead. And until the new members are sworn in, there is little hope a deal will be reached before the first of the year.
Friday, May 24 2013 11:30 PM EDT2013-05-25 03:30:10 GMT
A hole in the road closed one of the routes into Canada Friday.State Police say Route 5 in Derby Line is closed near Caswell Avenue because of a hole in the pavement just a couple of feet over the lineMore >>
A hole in the road closed one of the routes into Canada Friday.More >>
Friday, May 24 2013 7:17 PM EDT2013-05-24 23:17:06 GMT
It was a storm that left residents with more damage than they could have ever imagined. "The basement has about 13 inches of water," said Bob Genter of Underhill. And preparing for the aftermath of theMore >>
Flash floods left destruction across the region. And the rain is not over. Heavy downpours left some people trapped in their neighborhoods as emergency crews work to try to clear the roads.More >>
Friday, May 24 2013 7:54 PM EDT2013-05-24 23:54:18 GMT
Vermont State Police say the following roads have been closed due to flooding:UNDERHILL: VERMONT ROUTE 15, CILLEYHILL POKER HILL ROAD NORTH UNDERHILL STATION ROAD PAIGE ROAD DAUDLIN ROAD BROWNS TRACE,More >>
Friday, May 24 2013 7:20 PM EDT2013-05-24 23:20:50 GMT
As the cleanup gets underway from Thursday night's flash flooding, the focus shifts now to the broader impacts of rising rivers from around the region. All the rain so far and more to come is running intoMore >>
All the rain is running into larger streams and rivers that are moving rapidly toward flood stage.More >>
Friday, May 24 2013 12:44 PM EDT2013-05-24 16:44:50 GMT
Heavy rains have caused more flooding problems around our region, and the situation could get worse as the rain continues to fall over the holiday weekend. So far, the impact has mainly been seen in roadMore >>
Heavy rains have caused more flooding problems around our region, and the situation could get worse as the rain continues to fall over the holiday weekend.More >>
Friday, May 24 2013 9:51 AM EDT2013-05-24 13:51:55 GMT
Over the river and throught the woods isn't just the way to grandma's house, its the way a lot of people are having to travel just to make it to their front door. Dormant brooks and sleepy streams turnedMore >>
Strong rains Thursday flooded roads in Essex.More >>
Friday, May 24 2013 7:25 PM EDT2013-05-24 23:25:14 GMT
A rainy Vermont City Marathon forecast isn't slowing down runners or organizers. "Well, we're going to make some liquid sunshine out of all of this rain. That's the only choice we've got right now," saidMore >>
The countdown is on to this weekend's Vermont City Marathon and final preps are underway. Those finishing touches are coming in the rain, but organizers say the weather isn't slowing things down.More >>
Friday, May 24 2013 7:35 PM EDT2013-05-24 23:35:15 GMT
The bad weather has forced the postponement of the annual Memorial Day parade in Essex. The parade is held annually on the Saturday morning of the holiday weekend. But after all the rain and flooding damageMore >>
The bad weather has forced the postponement of the annual Memorial Day parade in Essex.More >>