U.S. Senate Will Convene at 11am, Manchin Introduces Fiscal Cliff Soft Landing Bill
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Senate is now debating fiscal cliff on CSPAN-2
The U.S Senate is scheduled to convene at 11am EST, the House is already in session.
While there are varying reports of offers and potential deals one bill has been publicly offered to help deal with the consequences of going over the fiscal cliff:
Sen. Joe Manchin (D-W.Va.) on Sunday introduced a bill he said would “soften the landing” if the nation went over the “fiscal cliff.”
Manchin said his bill, the Cliff Alleviation at the Last Minute Act, — the CALM Act — would slowly phase in the tax rate increases and allow the Office of Management and Budget (OMB) to propose substitute cuts to replace sequestration…
“If we’re determined to go over the cliff, we’ve got to do something to soften the landing, because at the bottom of the fiscal cliff are immediate and massive tax increases, deep and indiscriminate spending cuts, and the risk of another recession,” Manchin said on the floor Sunday.
One way or the other we will have an answer on going over the cliff in 14 hours.
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