Fiscal cliff round two begins with new congress
With the new congress now officially at work, here’s what’s happening Friday:
A vote later this morning on $9 billion in aid for Superstorm Sandy victims, the first part of a larger package they’ll take up later this month.
Vice President Biden presides as lawmakers officially count electoral votes from last fall’s election.
But there’s a big debate ahead over defense and other budget cuts.
Rep. Nancy Pelosi (D-CA) said, “We must ensure that innovation rests at the heart of our success.”
House Speaker John Boehner said, “Our government has built up too much debt. Our economy is not producing enough jobs. These are not separate problems.”
Boehner’s back as speaker presiding over a slightly smaller Republican majority.
In the senate Republicans vow not to raise the debt ceiling again unless congress cuts spending.
Sen. Mitch McConnell (R-KY) said, “The first step in this debate is for Democrats to get over their fanatical commitment to guarding every dime the government ever got its hands on. This has got to stop.”
Sen. Harry Reid (D-NV) said. “Any future budget agreements must balance the need for thoughtful spending reductions with revenue from the wealthiest among us.”
Those budget cuts were pushed off until February around the time America is expected to hit its borrowing limit again
Another fiscal cliff, round two begins Friday.