Democrats Threaten to Go Over Fiscal Cliff

Democrats are “making increasingly explicit threats about their willingness to let nearly $600 billion worth of tax hikes and spending cuts take effect in January unless Republicans drop their opposition to higher taxes for the nation’s wealthiest households,” the Washington Post reports.

“Emboldened by signs that GOP resistance to new taxes may be weakening, senior Democrats say they are prepared to weather a fiscal event that could plunge the nation back into recession if the new year arrives without an acceptable compromise.”

Politico: “The Democratic hard line — asserted by Obama at a private Oval Office meeting with senior party leaders last week — is based squarely on the belief that Republicans will cave on taxes because the GOP has far less leverage than it did after its resounding success in the 2010 elections.”

Wonk Wire: It’s time for workable solutions for the fiscal cliff.