Reid: We're Headed Over the Fiscal Cliff

Senate Majority Leader Harry Reid gave a less than encouraging speech on the Senate floor today, essentially conceded that the fiscal cliff is happening. During his remarks, Reid scolded his House counterpart John Boehner, calling his rule a "dictatorship."

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Senate Majority Leader Harry Reid gave a less than encouraging speech on the Senate floor this morning, essentially conceded that the fiscal cliff is happening and we're all just going to have to deal with it. During his remarks, Reid scolded his House counterpart John Boehner, calling his rule a "dictatorship" and accusing him of intentionally delaying any compromise on taxes until after January 3, when he'll be (presumably) re-elected as Speaker of the House and more secure in his leadership position. When discussing the possibility of no deal being reached and the fiscal cliff of mandatory tax hikes and spending cuts being enacted, Reid said "it looks like that's where we're headed."

Reid also attacked Boehner's apparent insistence only passing a plan that has "a majority of the majority" behind it, instead of one that can simply win enough Democrats to pass in the House. A spokesperson for Speaker Boehner's office said that "Reid should talk less & legislate more," adding that the Senate Democrats have not passed their own cliff legislation yet.

Reid is reportedly planning on a press conference later today, though no time has been given.

UPDATE: Reports are streaming out of Washington that the President plans to send his latest proposal to Congress later today.

UPDATE NO. 2: Now Democratic sources are saying there's no new offer from Obama:

UPDATE NO. 3: The House has adjourned until Monday at 2 p.m.

UPDATE NO. 4: But the House is coming back on Sunday night, to vote for something beginning at 6:30 p.m. that, apparently like Obama's offer, doesn't yet exist.

This article is from the archive of our partner The Wire.