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Lawmakers express optimism on fiscal cliff
 
The super committee's failure to slash $1.2 trillion from future deficits may become a political advantage for House Minority Leader Nancy Pelosi and President Obama, pundits predict.
The super committee's failure to slash $1.2 trillion from future deficits may become a political advantage for House Minority Leader Nancy Pelosi and President Obama, pundits predict.
REUTERS/Larry Downing

Congressional leaders emerged from budget talks with President Obama on Friday expressing optimism that Congress would reach a deal to prevent the U.S. from running off the so-called fiscal cliff, a package of deep spending cuts and tax hikes that are set to take effect at the end of the year. "It was good," said House Minority Leader Nancy Pelosi (D-Calif.). "I feel confident that a solution may be in sight." In a rare show of bipartisanship, her remarks were echoed by Speaker John Boehner (R-Ohio), Senate Minority Leader Mitch McConnell (R-Ky.), and Senate Majority Leader Harry Reid (D-Nev.). Obama has demanded that any deal allow the Bush tax cuts for the wealthy to expire, and it remains to been seen whether GOP lawmakers are willing to go along.

 

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