By TraderVox.com
Tradervox.com (Dublin) – US lawmakers will meet today in Washington to discuss the fiscal cliff issue which has shown signs of being averted. Barrack Obama, the US President, and House Speaker John Boehner are discussing the issue in a bid to prevent the spending cuts and tax increases from taking effects. Obama sounded conciliatory when he made his first comments in Daimler AG plant in Michigan yesterday since meeting with Boehner on December 9. The President indicated that he was ready to come to agreement on the issue.
According to Julian Zelizer, who is a professor of history and public affairs in New Jersey at Princeton University, there has been an obvious change of tone from both the President and the office of the House Speaker. Julian indicated that it is possible the president is preparing his party for a possible deal to avert the crisis. There are private talks that have been going on between the Obama administration and Boehner’s aides, but there has been an outcry from both sides in the media that the other should give in first. Members of congress are now waiting for Obama and Boehner to agree and they will decide whether to pass it in congress or not.
Michael Steel, Boehner’s spokesperson and Ohio Republican said that they are waiting for the president to identify the spending cuts he is proposing as part of the balanced approach he promised Americans during the election. The president and Democratic lawmakers have continued to insist that Republicans accept higher tax rates for the high-end earners before proposing spending cuts. Talking at the Daimler AG’s Detroit Diesel unit in Michigan, Obama noted that he was pushing to have the agreement reached as part of his economic growth, deficit reduction and creation of job plan. The fiscal cliff threatens to push the world’s largest economy into a recession if it is not averted.
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