No movement on debt crisis
WASHINGTON – Congressional leaders on Sunday showed no signs of emerging from their corners to resolve the next step in the financial crisis, with Democrats still talking about higher taxes on the wealthy and the Senate’s top Republican suggesting that a crippling default on U.S. loans was possible unless there were significant cuts in government spending.
“It’s a shame we have to use whatever leverage we have in Congress to get the president to deal with the biggest problem confronting our future, and that’s our excessive spending,” said Sen. Mitch McConnell, R-Ky.
Last week’s deal to avert the combination of end-of-year tax increases and spending cuts known as the “fiscal cliff” held income tax rates steady for 99 percent of Americans but left some other major pieces of business unresolved.
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