Posted at: 12/05/2012 5:41 PM
Updated at: 12/05/2012 6:04 PM
By: Alan Hoglund
The Obama Administration made it clear Wednesday that raising the nation's debt ceiling should be a part of a deal to avert the fiscal cliff. Going off that cliff would mean automatic spending cuts and tax increases at the beginning of 2013.
It's unclear if negotiations in Washington are even happening, despite an optimistic President Obama saying "it's not that tough" and "we can probably solve this in about a week."
Meanwhile Eyewitness News spoke with Rep. Sean Duffy, R-Wisconsin, and Sen. Al Franken, D-Minnesota,to get their take on what needs to happen to solve the fiscal crisis. They both said "revenue increases."
The difference in their answers, was how that revenue should be generated.
Duffy said "listen, you can't tax your way out of this deficit. You have to grow the economy and reduce your spending."
But Franken told us "we need a balanced approach. And yes, we need some targeted spending cuts. We also need real revenue and that should come from the people who can afford it."
Obama and House Speaker John Boehner are deadlocked when it comes to raising taxes. But some Republicans have indicated they will support raising taxes on the top two percent of earners if it means reaching a deal.