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President to Fly Home Early to Tackle Fiscal Cliff

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TWC News: President to Fly Home Early to Tackle Fiscal Cliff
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Christmas break is coming to a quick end for President Barack Obama as Washington lawmakers make a last ditch effort to avert the so-called 'fiscal cliff.'

Obama is scheduled to leave his native Hawaii and fly back to the White House tonight.

He will try to hammer out a deal with congressional leaders to prevent across-the-board tax increases and spending cuts.

A key sticking point has been tax rates.

Obama's most recent plan would extend tax cuts for households earning less than $400,000 a year.

House Speaker John Boehner wanted to extend the cuts for households earning up to $1 million a year but he wasn't able to muster enough support from his own caucus to even vote on that proposal.

If no deal is reached by Jan. 1, economists fear the economy could take a major step backward.

Congress is expected to return to Washington tomorrow.

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