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Congress Meets Cliff’s Edge

Wall Street Journal (12/31/12) Janet Hook; Siobhan Hughes

Senate Minority Leader Mitch McConnell (R-KY) and Vice President Biden planned Sunday to discuss the fiscal cliff stalemate by phone into the night. The Senate had planned to reach a deal by midafternoon Sunday, but that did not happen, so Senate Majority Leader Harry Reid (D-NV) recessed the Senate until today at 11 a.m. Some senators seem resigned to the idea that Congress will not reach an agreement today, meaning spending cuts and tax increases would go into effect Tuesday and Wednesday.