Owens Optimistic We'll Avoid Fiscal Cliff

Tools

The United States is inching ever closer to the fiscal cliff.

Tax hikes on all Americans and massive across the board spending cuts will go into effect January 1 if Congress fails to act.

For the first time in about a month, President Obama and Republican House Speaker John Boehner met face to face to try to hammer out a deal this weekend.

No word yet on what, if anything, was decided.

But north country Congressman Bill Owens (D. - 23rd) says it's enough to give him some hope.

"I think we are seeing some movement. I think what's going to happen is we're going to find out next Tuesday, a week from Tuesday, that they've struck a deal and that we're going to be called back to vote on that deal," said Owens.

That deal has to lay out deficit reduction measures that amount to $1.2 trillion over the next ten years.

"I think that we can - I'm not going to say easily accomplish that - but there are many pathways to getting that done," said Owens.

Exactly how it should be done has so far proved to be a major stumbling block in negotiations.

But, there may finally be some movement on that front.

Some Republicans are now saying they'd be willing to agree to raising taxes on the wealthiest Americans in exchange for spending cuts through changes to Social Security and Medicare.

Congressman Owens says he's confident a "rational compromise that reduces spending and increases revenue" can and will be reached.

He says failure is simply not an option.

Thursday, April 24, 2014
, Watertown, NY

On Demand

This content requires the latest Adobe Flash Player and a browser with JavaScript enabled. Click here for a free download of the latest Adobe Flash Player.

On Wall Street

What's On TonightFull Schedule