Update: No settlement on ‘fiscal cliff’ as House declines a vote
The Washington Post reported that the House of Representatives will not hold any votes Monday night, ensuring that the country will enter what lawmakers from both major parties have called the “fiscal cliff.”
The House declined to take action citing a lack of action from the Republican-controlled Senate, the newspaper reported.
This contradicts both an earlier report by Politico via Twitter that Vice-President Joe Biden and Senate Majority Leader Mitch McConnell (R-KY) and Vice President Joe Biden had reached an agreement on Monday preventing the various tax increases and spending cuts they had hoped to avoid amid a public squabble.
NBC News had also reported that tax rates will increase for individuals making more than $400,000 a year, and on households making at least a combined $450,000 per year, citing “Republican sources.”
The earlier reports came minutes after President Barack Obama declared that a deal was “within sight” in a public statement.