Congressional negotiators raced Saturday to write a compromise fiscal package that would limit the effect of tax increases due to take effect Jan. 1 while pushing many important decisions about the federal budget into the new year.
After a full day in which staffers sent papers back and forth, Senate Minority Leader Mitch McConnell of Kentucky left the Capitol shortly before 7 p.m. Saturday, telling reporters the two sides continue to try and reach a deal to avert the fiscal cliff.
“We’ve been trading paper all day and talks continue,” McConnell said. “We’ll let you know as soon as we have some news to make.”
But the talks clearly were in a new, urgent phase, with leadership staff expected to remain in the Capitol as long as necessary “to get where they need to be,” according to one person familiar with the negotiations.
“This is real,” not just for show, the source said.
GOP aides said they don’t expect to have more to say until after lawmakers are briefed Sunday afternoon.
The White House, meanwhile, remained in contact with negotiators and the president was kept informed of the status of the talks.
After weeks spent trying to forge a comprehensive agreement that would settle the long-standing policy challenges under the fiscal cliff, political leaders narrowed their focus almost exclusively to the historically large tax increase that is set to become law when the clock strikes midnight on Monday. Hoping to beat that deadline, the House and Senate will be in session Sunday, when a deal could be presented to rank-and-file members and the following day when legislation could go to the White House for President Barack Obama’s signature in the hours before taxes are set to shift.
If a deal is reached, the Senate could vote on it as early as Sunday.
After a flurry of activity in recent days, the outlines of a potential agreement have come into view. But assembling all the component parts of a package that can win the support of House Republicans and Senate Democrats presented big challenges in such a short time frame.
Leaders from military and veterans service organizations joined Sens. Roger Wicker, R-Miss., Kelly Ayotte , R-N.H., and Lindsey Graham, R-S.C., at a press conference to urge the Senate to replace a provision in the budget proposal that cuts retirement benefits for veterans. Wicker, Ayotee, and Graham earlier called for a bipartisan solution to replace the $6.3 billion in cuts to military retiree benefits.
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.