Senator Tom Harkin (D-IA) discussed the “fiscal cliff” as numerous plans were circulating in Congress to address the issue. Senators Tom Harkin and Jay Rockefeller were asking President Obama to reject changes to Medicare, Medicaid, and Social Security, and instead work toward a deal that included $1 in revenue for every $1 in spending cuts.
“Fiscal cliff” referred to the impending tax increases and sequestration budget cuts at the end of 2012 if Congress failed to reach a new budget agreement.*"Sequestration," a legal procedure in which automatic budget cuts are triggered, was agreed to in the Budget Control Act of 2011.