Senate leaders take final crack at fiscal crisis solution, Obama urges ‘immediate action’

ReidMcConnellsplit

Senate leaders from both sides of the aisle vowed late Friday to scramble over the weekend to produce a new bill aimed at averting the fiscal crisis, on the heels of a high-stakes White House meeting — seen as the last chance to come together before the tax-hike deadline next week.

Though the meeting did not yield a breakthrough or any “concrete” proposals, Senate Democratic Leader Harry Reid and Republican Leader Mitch McConnell gave taxpayers a glimmer of hope by announcing on the floor that the Senate would adjourn Saturday to allow staff to work on a bill. McConnell said he hopes they can come forward with a recommendation as early as Sunday.

“We need to have everybody step back a bit,” said Reid, who called the meeting “very constructive.”

The pledge to work on a new bill is by no means a solution to the sweeping set of tax hikes set to hit Jan. 1, followed by steep spending cuts. Lawmakers still have to write the bill, and produce something that can pass both chambers.

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