Tagged: Budget Debate

There are growing warnings on Capitol Hill that the nation could be rolling toward an end-of-the-year fiscal train wreck.

"The looming tax hike will be absolutely devastating," Senate Minority Leader Mitch McConnell, R-Ky., said.

"You can call this a fiscal cliff. You can call it 'Taxmageddon' as others have done. Whatever you call it, it will be a disaster for the middle class," Sen. Orrin Hatch, R-Utah, added.

And Sen. Ben Nelson, D-Neb., said: "It's a tsunami; there's no question about it, and it's coming."

Renewing his push against "trickle-down economics" that he says has failed the nation in the past, President Obama just said the Republican budget plan passed by the House last week is so conservative and so focused on cutting taxes for the rich that it makes the GOP's mid-1990s Contract With America "look like the New Deal."

Voting along party lines, the House of Representatives passed a 2013 budget that was crafted by Rep. Paul Ryan, a Republican from Wisconsin.

Politico reports:

"The 228-191 vote gives the embattled GOP leadership what it most wanted: a show of party unity behind a bold election-year vision that includes new private options for Medicare and a simplified tax code.