Deadline Looms On 'Fiscal Cliff' Tax Hikes, Government Cuts - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Deadline Looms On 'Fiscal Cliff' Tax Hikes, Government Cuts

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The clock is ticking in Washington to reach a deal and avert the "fiscal cliff."

President Barack Obama is on his way back to Washington as we speak. The president cut his vacation short and left Hawaii early Thursday morning.

While Obama returns to resume work on a budget deal, it turns out the House of Representatives will not be in session today. GOP leaders have not called on Republican lawmakers to convene and cut their holiday vacation short in order to work on the problem.

This makes it extremely unlikely that lawmakers will reach a compromise before the New Year begins on Tuesday and tax increases and service cuts go into effect for most Americans.

The Senate is planning to hold a session Thursday.

FOX's Molly Henneberg has more in this video report on what will happen to us if Washington doesn't get its act together and make a deal.

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