Deficit Downpayment of $1 Trillion Will Help Abate Fiscal Cliff

Deficit Downpayment of $1 Trillion Will Help Abate Fiscal Cliff

The spirit of teamwork is growing between lawmakers as they continue to hash out the details regarding averting the fiscal cliff, with both sides of the aisle agreeing that tackling the national deficit should issue number one. As usual, tax cuts stand in the way.

President Obama and the Democrats propose that by letting the Bush-era tax cuts expire they will be able to raise more than $1 trillion that will go towards the deficit.

The Republicans have stood their ground on refusing to raise taxes, but now they are beginning to lean towards accepting some wiggle room on tax breaks if social service programs like social security, Medicare and Medicaid see reform in the process.

Obviously, some members of the Republican party see that the onus is on them to make a deal work. The party has been battered with criticism about their particular style of politics after the election. Americans are tired of the refusal to work together, and many feel that a deal won’t be reached because the elected officials can’t make nice.

According to a recent CNN/ORC International survey two-thirds of Americans feel that the country is heading to ruin again if lawmakers don’t find a resolution to the country’s financial problems, and many feel that the Republicans would be to blame. Seven out of 10 respondents call for compromise, with two-thirds predicting that Washington officials will act like “spoiled children,” not “responsible adults,” in the upcoming negotiations, according to the poll.

CNN Money has more on the progress the government is making to save the country from tumbling over the cliff.