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.
Saturday, March 8 2014 10:21 AM EST2014-03-08 15:21:27 GMT
Two firefighters are recovering from minor injuries. They were injured while fighting a at the Bennett Farm on Route 15 on the Johnson-Cambridge town line. The fire started in a shed around 7:30 FridayMore >>
Two firefighters are recovering from minor injuries.More >>
Saturday, March 8 2014 10:20 AM EST2014-03-08 15:20:42 GMT
Friends are rallying around families who lost everything in an apartment building fire in St. Johnsbury. They immediately took to Facebook after hearing about this fire and started planning to collectMore >>
Friends are rallying around families who lost everything in an apartment building fire in St. Johnsbury.More >>
Saturday, March 8 2014 10:20 AM EST2014-03-08 15:20:05 GMT
Reporter: "What are some of the most common burn injuries that we see with kids coming into the hospital?" Jim Esdon, Dartmouth Hitchcock Injury Prevention Center: "This time of year, the glass frontedMore >>
We've had another cold week that's left homeowners cranking the heat. But what does that mean for kids' safety?More >>
Saturday, March 8 2014 10:19 AM EST2014-03-08 15:19:21 GMT
Armed with just two L rods, 87-year-old John Wayne Blassingame starts looking for water by asking yes or no questions. "Does it go past 20 feet, does it go past 30 feet, yah," he says. The rods crossingMore >>
A national organization based in Danville says it is providing resources to people in desperate need to find water.More >>
Saturday, March 8 2014 8:31 AM EST2014-03-08 13:31:36 GMT
The Governor is traveling to Rhode Island Saturday. His office says Governor Peter Shumlin will be at Brown University in Providence taking part in a forum with the Rhode Island Governor. While theMore >>
The Governor is traveling to Rhode Island Saturday. More >>
Saturday, March 8 2014 8:17 AM EST2014-03-08 13:17:30 GMT
We have some ideas for your Saturday. IRISH FESTIVAL The 19th annual Burlington Irish Heritage Festival kicks off today. There is a lecture about the role of Irish immigrants in the Civil War at theMore >>
Friday, March 7 2014 7:28 PM EST2014-03-08 00:28:44 GMT
Williston Police say, the powder was from a generic prescription medication. They say, the man was from Burlington and had the paperwork in his pocket with his medicine and that's how it got on there. More >>
Williston Police say, the powder was from a generic prescription medication. They say, the man was from Burlington and had the paperwork in his pocket with his medicine and that's how it got on there.More >>