Senate Republican Leader Mitch McConnell, also speaking on "State of the Union," said, "You know, what we ought to be doing is extend the current tax rates for another year with a hard requirement to get through comprehensive tax reform one more time."
Just one more time, huh, Mitch?
You're facing a hard requirement that you voted to create. Your first response...avoid it.
U.S. economic fears shift from Europe toward ‘fiscal cliff’
By Michael A. Fletcher and Zachary A. Goldfarb,
...Economists say the automatic actions slated to take place at the end of the year — an increase in payroll taxes and in income tax rates, as well as large cuts in domestic and defense spending — would tip the country back into recession.
Congress could prevent that outcome, but lawmakers are pledging to do so only on their terms, creating fears of more partisan gridlock. Democrats insist that taxes rise for higher-income earners; Republicans want to include the affluent in any renewal of the George W. Bush-era tax cuts.
Meanwhile, the prospect of a government-induced recession is already taking a toll on the economy.