(EPA)
WASHINGTON — President Obama arrives back at the White House today to restart fiscal-cliff talks, but neither side is working overtime to stop the massive tax hikes set to wallop most Americans in just five days.
Adding to the pressure, Treasury Secretary Timothy Geithner sent Congress notice yesterday that the United States will max out its $16.4 trillion debt limit by New Year’s Eve.
He said Treasury could take “extraordinary measures” to avoid default for about two months, until Congress raises the limit, but warned that it would be harder without a fiscal-cliff deal.
The Democratic-run Senate reconvenes today. But the GOP-run House has not given lawmakers a promised 48-hours’ notice to get back to DC, so don’t expect any action in the House until at least this weekend.
If Washington can’t strike a deal by New Year’s Day, the country gets hit with the fiscal cliff’s big tax hikes and deep federal spending cuts.
As Obama cut short a Hawaii holiday with his family yesterday, the White House called on Republicans not to stand in the way of proposals for a deal.
“It’s up to the Senate minority leader not to block a vote, and it’s up the House Republican leader, the speaker of the House . . . to allow a vote,” a senior administration official told reporters traveling with the president.
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FOLKS FREAK OVER SIZE OF TAX HIKES
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House Speaker John Boehner (R-Ohio) vowed the House would take up any legislation sent over by the Senate.
“The lines of communication remain open, and we will continue to work with our colleagues to avert the largest tax hike in American history, and to address the underlying problem, which is spending,” Boehner said.