Following the U.S. Congress and Senate’s Thanksgiving recess high ranking Democrat Dick Durbin has stated little progress has been made in averting the fast approaching fiscal cliff. The beginnning of January, 2013 sees the end of tax programs in the U.S. that will see a sharp rise in taxes across the board and a series of spending cuts many fear will drive the country into recession.
Members of the two main political parties in the U.S., the Democrats and Republicans have recently been trying to reassure both the public and economic experts that they will compromise to avoid the fiscal cliff.
Democratic figures have stated they will give in to Republican demands for reform of social welfare programs; senior Republican figures, such as Senator Lindsay Graham have stated in return they will accept sharp increases in taxes for wealthier Americans to avoid the fiscal cliff.
If no progress is made in negotiations tax increases and spending cuts will hit all Americans in early 2013.