国际英语新闻:Congress Misses Fiscal Cliff Deadline, Possible Deal Reached in Senate

Steve Dennis of Roll Call congressional news agency says tax hikes have been the major stumbling block. "They have had two years to deal with this.  I think the reality is that the Republican leadership had to be seen by their members and by Republicans and outside groups as doing absolutely everything they could, up until the end, to block any tax increase," he said.

New York resident Sarah Cunningham is frustrated by Congress' repeated inability to tackle problems. "I can't for the life of me figure out why they can't make things work. It doesn't make a benefit to anyone. It seems like a family squabbling within itself rather than getting to the real point," she said.

Virginia resident Jay Miller believes the legislation will have to be taken up by the new Congress, which will be sworn in January 3.

"There is more interest in having things go over the cliff than not. And with the new Congress being sworn in later this week, it will have to be sorted out then," he said.

Economists have warned that failure to avert the combination of tax hikes and spending cuts could plunge the U.S. back into recession.  But most experts say that if Congress is able to take action quickly, any potential damage would be minimized, especially if it comes before the stock markets reopen after the New Year's Day holiday.