With President Barack Obama and a majority of lawmakers gone for Christmas break, one conservative commentator says only a couple of options remain to reach a compromise before the nation comes up against the "fiscal cliff."
Despite House Speaker John Boehner wanting to put together a deal with Democrats, he does not have the backing for his "Plan B" bill from his fellow Republicans -- even if it means raising taxes on "millionaires and billionaires" who have been demonized for not paying their fair share.
Nationally syndicated columnist Phil Kerpen, president of American Commitment, explains the options that remain with just days remaining before the deadline.
"If you can't get the House to agree to raise taxes on anyone, then the Democrats in the Senate and the White House really only have two choices," he tells OneNewsNow. "They can either allow taxes to go up for every single American who pays taxes by doing nothing and letting these automatic tax hikes take place; or they can move forward with the only bill that's passed either body -- which is the House bill H.R. 8 -- and stop all of these tax hikes."
According to Kerpen, the next move is up to Senate Majority Leader Harry Reid. But the columnist predicts it is unlikely a compromise will be negotiated by the end of the year.
"This is one of those situations where you could go over the cliff and then kind of climb your way back up -- because they could have a deal afterwards that cancels it, and I'm sure that's what they'll work on in January," he says. "But this is going to be a tumultuous few weeks here with everybody looking at potentially steeply higher taxes."
In August the House already passed its "Plan A" (H.R. 8), which would extend all current tax rates for one year, while committing to comprehensive tax reform in 2013.
Kerpen concludes saying: "But like it or not, the American people elected a House of Representatives that is committed to stopping all tax hikes."