Senate Majority Leader Harry Reid gave a less than encouraging speech on the Senate floor this morning, essentially conceded that the fiscal cliff is happening and we're all just going to have to deal with it. During his remarks, Reid scolded his House counterpart John Boehner, calling his rule a "dictatorship" and accusing him of intentionally delaying any compromise on taxes until after January 3, when he'll be (presumably) re-elected as Speaker of the House and more secure in his leadership position. When discussing the possibility of no deal being reached and the fiscal cliff of mandatory tax hikes and spending cuts being enacted, Reid said "it looks like that's where we're headed."
Reid also attacked Boehner's apparent insistence only passing a plan that has "a majority of the majority" behind it, instead of one that can simply win enough Democrats to pass in the House. A spokesperson for Speaker Boehner's office said that "Reid should talk less & legislate more," adding that the Senate Democrats have not passed their own cliff legislation yet.
@speakerboehner should take the escape hatch we’ve left him, and put the economic fate of the nation ahead of his Speakership— Senator Harry Reid (@SenatorReid) December 27, 2012
Reid is reportedly planning on a press conference later today, though no time has been given.
UPDATE: Reports are streaming out of Washington that the President plans to send his latest proposal to Congress later today.
Just in: I was just told by an informed GOP source POTUS told McConnell he would send a scaled back fiscal cliff bill to hill today.— Dana Bash (@DanaBashCNN) December 27, 2012
Getting on place to DC to review plan from Pres.We will see. Better late than never— Scott P. Brown(@ScottBrownMA) December 27, 2012
UPDATE NO. 2: Now Democratic sources are saying there's no new offer from Obama:
Sr. WH official tells me that, contrary to reports from Repubs, president will NOT be sending a fiscal cliff proposal to Capitol Hill.— John Harwood (@JohnJHarwood) December 27, 2012
And now a Reid aide tells me the reports about an impending Obama offer are "not true."— Sahil Kapur (@sahilkapur) December 27, 2012
UPDATE NO. 3: The House has adjourned until Monday at 2 p.m.
UPDATE NO. 4: But the House is coming back on Sunday night, to vote for something beginning at 6:30 p.m. that, apparently like Obama's offer, doesn't yet exist.