Obama: 'Larger deal was too much to hope for'
The potential agreement that's being talked about would not only make sure that taxes don't go up on middle class families, it also would extend tax credits for families with children. It would extend out tuition tax credit that's helped millions of families pay for college.
– President Barack ObamaIt would extend tax credits for clean energy companies. It would extend unemployment insurance to 2 million Americans.
Ever since I took office, throughout the campaign, and over the last couple of months my preference would have been to solve all these problems in the context of a larger agreement. But with this Congress that was obviously a little too much to hope for at this time.
America's budget crisis has been averted, but not solved
America's financial crisis has been averted, not solved. We've had the fiscal cliff. Now get ready for the debt abyss.
What is America's 'fiscal cliff'?
Democrats and Republicans have so far failed to agree on an alternative plan to the tax increases and spending cuts scheduled for January 1.