Time is ticking for lawmakers in Washington as the terms of the Budget Control Act of 2011 are set to expire December 31.
Our elected officials are still trying to work out an agreement to avoid a "fiscal cliff," as it has been called. And unless lawmakers come to an agreement on what happens next, come January 1, predictions of job losses and higher taxes could be a reality.
CBS 21 spoke with United States Senator Bob Casey Tuesday. Senator Casey is Chairman of the Joint Economic Committee.
He said he's optimistic. He thinks progress is being made and that an agreement could happen by the end of the year.
“I'm taking leadership and showing support on the payroll tax cut,” Casey explained. “And credit for businesses, we need to take steps to move economy forward.”
Chairman of the Joint Economic Committee, Senator Bob Casey is in the know with what is happening with the negotiations in Washington about the fiscal cliff.
“Initially I think it is going to be an agreement between the President and the Speaker,” Casey commented. “We will have to wait to see what they come up with.”
The Democratic Senator is pushing to extend the payroll tax cut scheduled to expire at the end of the year, saying that keeping money in the pockets of workers will help boost consumer spending and economic growth.
He agreed that many are feeling the pinch of a tight wallet and they can't afford to give up the "temporary" payroll tax cuts from 2011 that would expire come January 1, a date that was set during the last debt ceiling debate to force a deal on taxes and spending.
“We got to get a balance in bipartisan agreement focused on the middle income families and how we can create jobs in the agreement,” Casey stated.
While December 31 is approaching quickly, the Senator is optimistic an agreement can be reached.
“There is a lot of work this week and next week and maybe even for the Christmas week as well,” Casey admitted.
He said that once the president and the speaker come to an agreement, then the House and Senate would still have to vote on it.
All of that has to happen before December 31.
Our elected officials are still trying to work out an agreement to avoid a "fiscal cliff," as it has been called. And unless lawmakers come to an agreement on what happens next, come January 1, predictions of job losses and higher taxes could be a reality.
CBS 21 spoke with United States Senator Bob Casey Tuesday. Senator Casey is Chairman of the Joint Economic Committee.
He said he's optimistic. He thinks progress is being made and that an agreement could happen by the end of the year.
“I'm taking leadership and showing support on the payroll tax cut,” Casey explained. “And credit for businesses, we need to take steps to move economy forward.”
Chairman of the Joint Economic Committee, Senator Bob Casey is in the know with what is happening with the negotiations in Washington about the fiscal cliff.
“Initially I think it is going to be an agreement between the President and the Speaker,” Casey commented. “We will have to wait to see what they come up with.”
The Democratic Senator is pushing to extend the payroll tax cut scheduled to expire at the end of the year, saying that keeping money in the pockets of workers will help boost consumer spending and economic growth.
He agreed that many are feeling the pinch of a tight wallet and they can't afford to give up the "temporary" payroll tax cuts from 2011 that would expire come January 1, a date that was set during the last debt ceiling debate to force a deal on taxes and spending.
“We got to get a balance in bipartisan agreement focused on the middle income families and how we can create jobs in the agreement,” Casey stated.
While December 31 is approaching quickly, the Senator is optimistic an agreement can be reached.
“There is a lot of work this week and next week and maybe even for the Christmas week as well,” Casey admitted.
He said that once the president and the speaker come to an agreement, then the House and Senate would still have to vote on it.
All of that has to happen before December 31.