BREAKING NEWS

US House sets session as 'fiscal cliff' deadline nears

By REUTERS

DECEMBER 27, 2012 23:06

WASHINGTON - The House of Representatives will return to Washington on Sunday night, just over a day before US income tax rates are set to spike higher, in a last-ditch chance to avert the year-end "fiscal cliff."

Senior Republican aides confirmed that House Speaker John Boehner on Thursday told members to be back in Washington in time for a 6:30 p.m. EST (2330 GMT) legislative session on Sunday.

The House may then stay in session until January 2, the final day of the current Congress, according to a Twitter message from House Majority Leader Eric Cantor.

That is the day that another component of the "fiscal cliff" - $109 billion in automatic spending cuts to military and domestic programs - is set to start.

The House went on recess a week ago amid a deadlock over how to resolve ways to avoid the $600 billion in tax increases and spending cuts that could throw the US economy back into recession.

Some media outlets reported that Obama would meet with congressional leaders on Friday, but several congressional aides said no such meeting had yet been arranged.

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