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WASHINGTON — The United States government will miss the end of the year deadline to resolve the so-called fiscal cliff, House Republicans conceded on Monday afternoon.

The House of Representatives will adjourn December 31 without voting on a bill to delay the impending tax hikes and spending cuts that will take start to take place tomorrow. Majority Whip Kevin McCarthy (R-California), the party’s whip, sent the following update to members on Monday afternoon.

Good afternoon. Thanks for your patience. Here’s the latest on the Floor schedule:There will be a Special GOP Conference Meeting at 5:00 p.m. in HC-5. Immediately following Conference tonight, roughly 5:30-6:00 p.m. we will have our first and only vote series of the day on suspensions.

Walk off the Floor: 6:00-6:30 p.m.

The Senate has not yet finalized a deal to resolve these issues. But it is widely expected that they will come to an agreement by the end of Monday. Because of that, the markets may not react too negatively to the House missing the deadline by a few days. It helps that stock exchanges are closed on New Years Day.

Still, the inability of Congress to resolve this issue on time is the capstone to a session that was historically unproductive. The new Congress convenes on January 3rd.

http://www.huffingtonpost.com/2012/12/31/fiscal-cliff-dive_n_2389831.html?1356988375

Article Courtesy of The Huffington Post

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