Congressman Steny H. Hoyer (MD-5) released the following statement on President Obama's remarks on the fiscal cliff meeting held at the White House yesterday:
"President Obama is correct: the time for immediate action to avert the fiscal cliff is here. If Congress does not act, in just a few days a typical family of four in Maryland would see a tax hike of $2,200. Arbitrary spending cuts will also begin to take effect, potentially costing 12,600 jobs and $200 million in revenue in our state alone. Additionally, critical items like unemployment insurance will go unaddressed. I hope Senate Majority Leader Reid and Minority Leader McConnell will reach a reasonable compromise that can pass the Senate and the House with bipartisan support, and that the President will sign into law. Democrats are ready to do our part to reach an agreement to prevent the fiscal cliff."