The clock is ticking for Congress to take action to avoid the so-called "fiscal cliff" of tax hikes and massive across-the-board spending cuts. Congressman Fred Upton has put out a statement calling for something to get done. The St. Joseph Republican says it has to be bi-partisan and needs to tackle everything from tax reforms to spending cuts and entitlement reform. The tax hikes are coming from the soon-to-expire Bush-era income tax cuts, while the spending cuts were never meant to be enacted. Those are coming from the expiration of countless federal programs. President Obama and Republican leaders in the U.S. House remain at odds over exactly how to proceed. The White House wants to extend the Bush tax cuts for the middle class, but move those making over $250,000 a year back up to the tax rates they paid under President Clinton. Republicans want the cuts extended for everyone.
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