With time running out, President Obama and members of the Senate will return to Washington on Thursday in search of a scaled-back agreement to lessen the economic pain of the “fiscal cliff.”
Lawmakers are under pressure to pass some kind of legislation that reverses or delays the tax increases and spending cuts slated for January, but they find themselves without a clear path forward after the breakdown in negotiations between Obama and Speaker John Boehner (R-Ohio).
The president is flying back from Hawaii on Wednesday night to return to work on a fiscal deal. The Senate is also expected to be back in business Thursday, though flight delays from a winter storm could prevent the upper chamber from reassembling quickly.
The Senate might be the last hope for a fiscal-cliff agreement following the defeat last week of Boehner’s “Plan B,” which would have raised taxes on annual income over $1 million.