Obama cuts holiday short to negotiate fiscal deal

Updated
 
Carolyn Kaster/AP
Carolyn Kaster/AP

President Obama was scheduled to fly back to Washington, D.C., from his holiday vacation in Hawaii Wednesday in order to continue negotiating a deal to avoid going over the fiscal cliff.

Members of the House and the Senate were expected to return from their own holiday break Thursday, the New York Times reported.

Barring a compromise from Democrats and Republicans on a debt deal, the country will go over the so-called “fiscal cliff” Jan. 1, when a a series of budget cuts and tax increases will go into effect.

Before the holiday break, Plan-B, an alternative proposed by Speaker John Boehner that raised taxes on those making more than $1 million a year, didn’t even make it to the House floor after Boehner failed to guarantee enough Republican votes to pass it.

Obama, who campaigned on raising tax rates on Americans making more than $250,000 a year, has argued that he has met Republicans “more than halfway” on spending cuts and tax rates.

The first family was expected to remain in Hawaii for the rest of the week.

Obama cuts holiday short to negotiate fiscal deal

Updated