KEYC - Mankato News, Weather, Sports - - President Meets With Congressional Leaders On Fiscal Cliff

President Meets With Congressional Leaders On Fiscal Cliff

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WASHINGTON D.C. -

President Obama is in budget negotiations with top members of Congress today. Democrats and Republicans say they will work together to get a deal done. If they don't the U.S. economy could fall off the fiscal cliff and possibly throw the economy back into a recession.

The President is promising 4 point 4 trillion dollars in budget cuts over the next ten years. He also wants one point six trillion dollars in new revenue - including higher taxes on families making more than 250-thousand dollars a year.  One possible solution might involve a plan that Mitt Romney proposed during the Presidential campaign. The Republican nominee wanted to cap the amount of tax deductions Americans can take on items like mortgage interest. House Speaker John Boehner has shown interest in the plan - which would raise more tax revenue without raising rates. Democrats and Republicans say they will reach an agreement but a new poll shows many Americans are skeptical. Fifty-one percent of those surveyed believe a deal will not get done. The Congressional Budget Office says if the fiscal cliff's automatic tax increases and spending cuts are allowed to kick in unemployment will shoot up to 9.1 percent in 2013 from the current 7.9 percent.