WASHINGTON -- A top Republican in the U.S. House of Representatives pledged Wednesday to keep Congress in session until a deal on the so-called fiscal cliff has been reached, potentially jeopardizing many members' Christmas plans.
"The House will not adjourn the 112th Congress until a credible solution to the fiscal cliff has been announced," House Majority Leader Eric Cantor (R-Va.) said on Twitter.
The cliff represents the moment when big spending cuts and tax hikes are scheduled to take effect at the end of the year. Democrats and Republicans agree that the tax hikes and spending cuts should be replaced with smaller hikes and cuts, but they disagree on the specifics.
President Barack Obama campaigned for reelection on the promise of higher tax rates for incomes above $250,000, while Republicans have said they will only agree to increased tax revenue by closing unspecified tax loopholes and limiting deductions. The two sides also disagree on the scope of spending cuts and whether to include changes to programs like Social Security and Medicare.