Congress is scheduled to return Thursday, with one of its top priorities a deal to avert the December 31 “fiscal cliff” deadline of looming tax increases and automatic spending cuts, but it will need to work quickly or reach some type of interim agreement.
“While a deal looked close on several occasions during negotiations, it’s been elusive so far,” said CCH senior federal tax analyst George Jones. “Whether a resolution can be reached before Congress recesses for the year grows dimmer as the days progress.”
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