WASHINGTON (WKZO) -- 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 saying a solution has to be bi-partisan and needs to tackle everything from tax reforms to spending cuts and entitlement reform. The tax increase is a return to tax rates prior to Bush-era income tax cuts.
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.