Fiscal cliff deadline draws near, as Congress takes time off

POSTED: Tuesday, December 25, 2012 - 9:00am

UPDATED: Tuesday, December 25, 2012 - 10:02am

It will be a short, merry Christmas for members of Congress.

They're coming back in a few days to try and save the country from going over the fiscal cliff.

Some lawmakers are now calling for a small-scale deal as a temporary fix.

"I think it's impossible right now to get any kind of grand bargain, a comprehensive package. What we're dealing with right now is whether we can put off the increase in tax rates. That's all we can deal with right now," said Representative John Yarmuth of Kentucky.

Congress recessed after republicans rejected House Speaker John Boehner's compromise.

He proposed letting tax cuts expire for those making over a million dollars a year.

Other republicans say it's time for a deal.

With Congress coming back, the President will also reportedly cut short his holiday vacation in Hawaii.

Democrats hope Mr. Obama will continue to fight for a complete agreement, not just a temporary patch.

If no deal is reached, over two million Americans will lose their jobless benefits.

And workers will see a two percent cut in their take-home pay as social security payroll taxes go up January 1st.

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