The fiscal cliff is coming closer. Without an agreement over tax increases and spending cuts to address the national debt, automatic tax increases and cuts will take place at midnight Dec. 31.
So far there no compromise deal between President Barack Obama and Republicans in Congress. Alabama Congresswoman Terri Sewell says she is concerned about the deadline.
"It is very serious in my opinion. We are allowing taxes to be raised on the middle class and we haven't addressed unemployment insurance extensions," Sewell said.
She and the rest of the U.S. House of Representatives will return to Washington D.C. Sunday evening to try and come to a deal.
Alabama Congressman Spencer Bachus says both sides have to compromise but his bottom line is not raising the debt limit.
"We can't give any more. I think that part is going to come on raising the debt limit. I think you are going to see a knockdown drag out to the wall fight on that," Bachus said.
UAB political analyst Larry Powell says he is not sure a compromise can be reached by Monday.
"It's so shaky no one knows for sure. I don't think we will meet the deadline by Monday. It's going to be hard to get everyone together to come up with an answer that will work quickly," Powell said.
Alabama, like other states, is facing the loss of millions of tax dollars and thousands of jobs if the country goes over the fiscal cliff. Powell says lawmakers may face a voter backlash if that happens.
"Some people are at risk but the Republicans have more risk than the Democrats. The Republicans are going to take the blame however it goes and that is going to be rough on them in the next election," Powell said.
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