Senate Majority Leader Harry Reid quickly jumped on a Congressional Budget Office report that warned of a possible recession to call on Republicans to agree to raise taxes on the wealthy.
The United States will have a recession early next year unless Congress acts to cut short a fiscal cliff of higher taxes and lower spending, the Congressional Budget Office projects.
The CBO predicts that the deficit would be cut roughly in half if all of the tax and spending cuts take effect on schedule, but at a cost. The CBO projected the economy would shrink by 1.3 percent in the first half of 2013 and then expand at a 2.3 percent rate in the second half of the year.
If Congress blocks all of the tax and spending cuts, the CBO expects the economy will grow by 4.4 percent in 2013.
Senate Majority Leader Harry Reid quickly jumped on the report to call on Republicans to agree to raise taxes on the wealthy.
“We could avoid the so-called fiscal cliff tomorrow if Republicans would agree to extend the middle-class tax cuts, which would provide certainty to millions of families and give us ample time to deal with the other challenges facing Congress at the end of the year,” the Nevada Democrat said.
“If Republicans want to walk away from the bipartisan spending cuts agreed to last August, they will have to work with Democrats to replace them with a balanced deficit reduction package that asks millionaires to pay their fair share,” he added.
From left, Lisa Peng, daughter of Peng Ming, Grace Ge Geng, daughter of Gao Zhisheng, and Ti-Anna Wang, daughter of Wang Bingzhang, hold pictures of their imprisoned fathers during a House Subcommittee on Africa, Global Health, Global Human Rights, and International Organizations hearing in the Rayburn House Office Building titled “Their Daughters Appeal to Beijing: ‘Let Our Fathers Go!’”
Each year since 1990, CQ Roll Call has reviewed the financial disclosures of all 541 senators, representatives and delegates to determine the 50 richest members of Congress. This year's report, derived from forms covering the calendar year 2012, shows it took a net worth of $6.67 million to crack the exclusive club.