|Published:||Jan 01, 2013 12:11 AM EST|
|Updated:||Jan 01, 2013 12:11 AM EST|
WASHINGTON (AP) - The "fiscal cliff" deadline has passed - technically, at least.
The beginning of the New Year in theory means across-the-board tax increases and spending cuts kick in, but Congress is working to cancel them before they can have an impact.
The White House and congressional leaders hope to send legislation to President Barack Obama within a day or two, meaning consumers shouldn't notice any impact.
The goal of the legislation is not only to protect consumers' pocketbooks, but also to prevent the economy from the risk of another recession.
House Speaker John Boehner and his leadership team say they need to review a Senate pact that would increase taxes on incomes exceeding $400,000 before deciding to schedule a vote on the measure or try to change it.
In a joint statement late Monday, House GOP leaders promised to keep their commitment to act on the measure if it passes the Senate. But they say they won't decide whether to accept the measure or to amend it and send it back to the Senate until lawmakers and their constituents have a chance to review the legislation.
Democrats would likely oppose any effort to amend the measure to make it more to GOP liking. That would likely make it almost impossible for Republicans to quickly rewrite the measure.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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