Changes

Congressional Republicans have proposed that the Bush tax cuts be extended in their entirety.<ref>[http://in.reuters.com/article/2012/07/24/us-usa-congress-debt-idINBRE86N1G220120724 Reuters-Richard Cowen-Washington Embroiled in U.S. Fiscal Cliff Debate-July 2012]</ref> Republicans have also proposed that the sequester for defense funding be repealled while leaving the sequester of domestic spending in place.

Congressional Republicans have proposed that the Bush tax cuts be extended in their entirety.<ref>[http://in.reuters.com/article/2012/07/24/us-usa-congress-debt-idINBRE86N1G220120724 Reuters-Richard Cowen-Washington Embroiled in U.S. Fiscal Cliff Debate-July 2012]</ref> Republicans have also proposed that the sequester for defense funding be repealled while leaving the sequester of domestic spending in place.

==Bipartisan efforts==

==Bipartisan efforts==

A bipartisan group of Senators, called the "gang of eight", is discussing ways to avoid or smooth out the fiscal cliff.  One of the eight, [[Mark Warner]] of Virginia, drew controversy by sending out an email invitation to a fundraiser based on this work.  The email invited [[lobbyist]]s to donate $1,000 to $5,000 for a chance to discuss the fiscal cliff with Warner. "Instead of kicking the can down the road, Senator Warner is back in action with the Gang of Eight — originally the Gang of Six — to address the debt and deficit with a long term solution," the fundraising email read. "This bipartisan team is gearing-up over lame duck to reintroduce a deficit reduction plan that looks like Simpson Bowls 3.0; an updated version of the commission to reform a tax code that produces too little and entitlement programs that spend too much."  Ninety minutes later, the event was cancelled by a second email.<ref>{{cite news|url=http://hamptonroads.com/2012/10/quick-reversal-warner-cancels-fiscal-cliff-fundraiser|title=In quick reversal, Warner cancels fiscal cliff fundraiser|date=October 20, 2012|accessdate=October 22, 2012|work=The Virginian Pilot}}</ref>

A bipartisan group of Senators, called the "gang of eight", is discussing ways to avoid or smooth out the fiscal cliff.  One of the eight, [[Mark Warner]] of Virginia, drew controversy by sending out an email invitation to a fundraiser based on this work.  The email invited [[lobbyist]]s to donate $1,000 to $5,000 for a chance to discuss the fiscal cliff with Warner. "Instead of kicking the can down the road, Senator Warner is back in action with the Gang of Eight — originally the Gang of Six — to address the debt and deficit with a long term solution," the fundraising email read. "This bipartisan team is gearing-up over lame duck to reintroduce a deficit reduction plan that looks like Simpson Bowles 3.0; an updated version of the commission to reform a tax code that produces too little and entitlement programs that spend too much."  Ninety minutes later, the event was cancelled by a second email.<ref>{{cite news|url=http://hamptonroads.com/2012/10/quick-reversal-warner-cancels-fiscal-cliff-fundraiser|title=In quick reversal, Warner cancels fiscal cliff fundraiser|date=October 20, 2012|accessdate=October 22, 2012|work=The Virginian Pilot}}</ref>

 

==Stakeholder reactions==

==Stakeholder reactions==

On October 18, 2012, fifteen of the largest US financial companies warned President Obama that interest rates could spike if new laws did not avoid the fiscal cliff.<ref name=wp>{{cite news|title=Business Executives urge action to resolve 'fiscal cliff'|work=Washington Post|date=October 19, 2012|first=Zachary|last=Goldfarb|page=A1}}</ref>  A group called "Fix the Debt" is planning to spend $30 million to pressure Congress to act to avoid the cliff.<ref name=wp/> Scott Mather, head of global portfolio management for Pimco said, "The U.S. will get downgraded, it's a question of when."<ref name=wp/>

On October 18, 2012, fifteen of the largest US financial companies warned President Obama that interest rates could spike if new laws did not avoid the fiscal cliff.<ref name=wp>{{cite news|title=Business Executives urge action to resolve 'fiscal cliff'|work=Washington Post|date=October 19, 2012|first=Zachary|last=Goldfarb|page=A1}}</ref>  A group called "Fix the Debt" is planning to spend $30 million to pressure Congress to act to avoid the cliff.<ref name=wp/> Scott Mather, head of global portfolio management for Pimco said, "The U.S. will get downgraded, it's a question of when."<ref name=wp/>