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Cole: "50-50 Shot" of Going Over Fiscal Cliff (Dec 31, 2012)
WASHINGTON - The U.S. House and Senate plan to meet again Monday in hopes that Democratic and Republican leaders will come up with a budget proposal for them to vote on.

Speaking on CNBC's Squawk Box Monday morning, U.S. Rep. Tom Cole (R-OK4) said he believes there's about a 50-50 chance Congress and the White House will reach a deal to prevent the automatic tax increases and spending cuts.

"Republicans need to step back here and take a breath," Cole said.  "We're on the verge of getting at least 80 percent, maybe more, for 98 percent of the American people.  That's a huge win."

Unless an agreement is reached and approved by Congress by midnight, more than $500 billion in 2013 tax increases will begin to take effect and more than $100 billion will be carved from defense and domestic programs. Economists warn that the combined impact - the so-called fiscal cliff - could rekindle recession.


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