Fiscal Cliff

North Carolina's members of the House are back in Washington this week as Speaker John Boehner and President Obama try to work out a budget deal before the end of the year. The two leaders are trying to come to an agreement before automatic tax hikes and spending cuts go into effect in January. Republican Representative Howard Coble of Greensboro says Washington should consider cuts or reform for certain entitlement programs.

Pessimism is growing among Chief Financial Officers as debate continues over how to address the impending “fiscal cliff.”  The results of the latest Duke University – CFO Magazine Survey are in.

Campbell Harvey:  "Given the uncertainty of the fiscal cliff, that the CFOs are giving us the very strong message that they have stopped hiring."

North Carolina's U.S. Senators are as divided as House Republicans and the President over a deal to avoid the fiscal cliff. Democratic Senator Kay Hagan today echoed sentiments from the president and fellow Democrats calling for revenue from higher taxes for the wealthiest Americans.

Kay Hagan: "At the top end of the income, especially those people making $1 million and more in income every year should definitely have a higher rate. The main aspect is we've got to avert any tax hikes on the middle class families."

Some prominent North Carolinians are joining a national campaign to "Fix the Debt". North Carolina's "Fix the Debt" campaign hopes to set a bipartisan example with former Republican governor Jim Holshouser and former Democratic governor Jim Hunt standing side-by-side.

Jim Hunt: "Everyone in Washington worthy of representing the American people must be willing to compromise."

North Carolina’s two US Senators agree eliminating tax loopholes should be part of the equation as congress works to avoid the so-called fiscal cliff. Congress has to decide whether tax cuts should be extended for any Americans and if automatic cuts to federal government should be partially or completely stopped. Democratic U.S. Senator Kay Hagan supports reduced spending and changes to the tax code.