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

Posted: Updated:

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.

  • Local NewsMore>>

  • Police: Man Left Child In Car While Gambling In Del.

    Police: Man Left Child In Car While Gambling In Del.

    Delaware State Police have arrested a Maryland man for leaving his child unattended in a car while he was gambling in a casino.
    Delaware State Police have arrested a Maryland man for leaving his child unattended in a car while he was gambling in a casino.
  • New Jersey OKs Trump Plaza shutdown Sept. 16

    New Jersey OKs Trump Plaza shutdown Sept. 16

    New Jersey casino regulators have given final approval to Trump Plaza's plan to shut down in two weeks.
    New Jersey casino regulators have given final approval to Trump Plaza's plan to shut down in two weeks.
  • Friends work to 'save' Pennsylvania bucket bear

    Friends work to 'save' Pennsylvania bucket bear

    A group of friends has tracked down and helped to save a western Pennsylvania bear that got its head stuck in a bucket-like contraption.
    A group of friends has tracked down and helped to save a western Pennsylvania bear that got its head stuck in a bucket-like contraption.
Powered by WorldNow

KTBC FOX 7
119 East 10th Street
Austin, TX 78701

Phone: (512) 476-7777
Fax: (512) 495-7001

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices