NBC10 Philadelphia - Lu Ann Cahn
Congress won't meet Monday night's deadline to steer clear of the fiscal cliff. What would tumbling over the cliff mean to you and your pocketbook? NBC10's Lu Ann Cahn explain what all this means.
Update: Shortly after 9 p.m., a senior Democratic source told NBC News that a deal has been reached.
Members of the House of Representatives will not meet their midnight deadline to approve a "fiscal cliff" package, aides told NBC News. Instead, they will vote on a series of non-controversial "suspension bills," before adjourning for 2012 without a new fiscal agreement.
Lawmakers have already agreed that tax rates on families making more than $450,000 will be 39.6 percent. Unemployment benefits would continue for one year. The tax on estates worth more than $5 million dollars would increase to 40 %.
The inside fighting in Washington has frustrated many Americans, including local residents. NBC10 spoke with people living in Narberth where they shared their views on the fiscal cliff.
“Every one of them should resign right off the bat,” said one man.
“I believe that the politicians should all be fired so that we can start over with a new bunch that knows how to get together,” said John Buchanan of Narberth.
While many say taxing families making more than $400,000 isn’t a perfect solution, almost all agree it’s a compromise 98% of Americans can live with.
Shortly after 4 p.m. on Monday, NBC News announced there will not be a vote on a fiscal cliff package to the House on Monday. There will be a series of votes on non-controversial bills at 6:30 p.m. and they will call it a day after that. For now the battle in Washington and the frustration everywhere else continues.